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February housing starts fell by -7.0 %

Housing Starts U.S. Economic Indicators


The construction of new homes, as well as the issuance of new building permits declined in February, following very solid January report.
In February U.S. housing starts dropped by -7.0 % on the seasonally adjusted basis to annual rate of 1,236,000 units, a decrease of 93,000 units from 1,329,000 in January. Investors are not too upset by the drop. They noted that most of February´s decline took place in the West and was due to drop in the volatile multifamily sector.
Good news came from the construction of single-family homes with 2.9 % increase, economists see a shift in the demand towards higher value homes.

New building retreated -12.9 % to annual rate of 155,000 units in the West while the construction of multi-family units decreased -26.1 % accounting for 27.02 % of total construction. As demand for renting apartments declines.

A healthier housing market, however, would give a big boost to the economy.

In construction of housing units was bellow average rate of 986,607 housing starts. Construction of new homes in U.S. dropped by -4.0 % from Feb. 2017, home construction in the Midwest decreased the most, by -17.1 %.



Housing Starts

  M/M Y/Y
  Northeast -3.54% -8.40%
  Midwest 7.64% -17.11%
  South -7.32% -3.95%
  West -12.85% 4.95 %
  Single-family 2.85% 3.44 %
  2 - 4 units 41.67% -15.00%
  5 or more units -27.95% -19.95%

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Permits dropped by -5.7 % or 79,000 units to an annual rate of 1,236,000 units, from 1,329,000 in January on the seasonally adjusted basis Demand for building permits fell the most in the South and it was concentrated in multi-dwelling buildings such as apartments.

The issuance of new permits declined -12.4 % to annual rate of 633,000 units in the South while the permits for multi-family units decreased -14.8 % accounting for 27.02 % of total building permits issued.

Permits indicate whether demand for new homes is growing or slowing. Over the past 12 months, monthly building permits grew by 7.0 %




Permits By Region
  • In Northeast housing units were authorized at seasonally adjusted annual rate of 133,000 units, an increase of 15,000 units, or 12.71 % from 118,000 units Jan. 2018 and an increase of 15.65 % from 115,000 units Feb. 2017.


  • In Midwest housing units were authorized at seasonally adjusted annual rate of 184,000 units, an increase of 6,000 units, or 3.37 % from 178,000 units Jan. 2018 and an decrease of -25.51 % from 247,000 units Feb. 2017.


  • In West housing units were authorized at seasonally adjusted annual rate of 367,000 units, an decrease of 13,000 units, or -3.42 % from 380,000 units Jan. 2018 and an increase of 35.42 % from 271,000 units Feb. 2017.
  • In South housing units were authorized at seasonally adjusted annual rate of 614,000 units, an decrease of 87,000 units, or -12.41 % from 701,000 units Jan. 2018 and an increase of 5.86 % from 580,000 units Feb. 2017.

New Housing Units Authorized
(Seasonally adj., at Annual Rate, units), units)
Feb. 2018

prel.
Jan. 2018

prel.
Dec. 2017

prel.
Nov. 2017

prel.
Oct. 2017

prel.
Sep. 2017

prel.
Total
1,298,000 1,377,000 1,302,000 1,298,000 1,297,000 1,215,000
In structures Single-family units
872,000 877,000 881,000 862,000 839,000 819,000
In structures with 2 - 4 units
41,000 48,000 39,000 41,000 42,000 36,000
In structures with 5 units or more
385,000 452,000 382,000 395,000 416,000 360,000
Northeast
133,000 118,000 163,000 115,000 126,000 119,000
Midwest
184,000 178,000 199,000 184,000 192,000 185,000
South
614,000 701,000 579,000 642,000 613,000 585,000
West
367,000 380,000 361,000 357,000 366,000 326,000



New Housing Units Authorized
(Seasonally adj., at Annual Rate, units), in M / M)
Feb. 2018
prel.
Jan. 2018
prel.
Dec. 2017
prel.
Nov. 2017
prel.
Oct. 2017
prel.
Sep. 2017
prel.
Total -5.74 % 5.76 % 0.31 % 0.08 % 6.75 % -6.54 %
In structures Single-family units -0.57 % -0.45 % 2.2 % 2.74 % 2.44 % 2.38 %
In structures with 2 - 4 units -14.58 % 23.08 % -4.88 % -2.38 % 16.67 % 0 %
In structures with 5 units or more -14.82 % 18.32 % -3.29 % -5.05 % 15.56 % -22.41 %
Northeast 12.71 % -27.61 % 41.74 % -8.73 % 5.88 % 11.21 %
Midwest 3.37 % -10.55 % 8.15 % -4.17 % 3.78 % 0 %
South -12.41 % 21.07 % -9.81 % 4.73 % 4.79 % -9.44 %
West -3.42 % 5.26 % 1.12 % -2.46 % 12.27 % -9.94 %



New Housing Units Authorized
(Seasonally adj., at Annual Rate, units), in % Y/Y)
Feb. 2018
prel.
Jan. 2018
prel.
Dec. 2017
prel.
Nov. 2017
prel.
Oct. 2017
prel.
Sep. 2017
prel.
Total 7.01 % 7.16 % 7.6 % 7.1 % 2.94 % -0.82 %
In structures Single-family units 4.81 % 8.54 % 7.83 % 10.51 % 8.4 % 10.83 %
In structures with 2 - 4 units -12.77 % 54.84 % 2.63 % 10.81 % 40 % -2.7 %
In structures with 5 units or more 15.27 % 1.35 % 7.61 % 0 % -8.77 % -19.82 %
Northeast 15.65 % -20.81 % 44.25 % 4.55 % 17.76 % -9.16 %
Midwest -25.51 % -10.1 % 5.29 % -2.13 % -6.8 % 0.54 %
South 5.86 % 9.19 % 1.94 % 9.74 % 1.83 % -1.52 %
West 35.42 % 28.38 % 6.18 % 8.51 % 6.09 % 3.16 %



New Housing Units Started
(Seasonally adj., at Annual Rate, units)
Feb. 2018

prel.
Jan. 2018

prel.
Dec. 2017

prel.
Nov. 2017

prel.
Oct. 2017

prel.
Sep. 2017

prel.
Total
1,236,000 1,329,000 1,192,000 1,297,000 1,290,000 1,127,000
In structures Single-family units
902,000 877,000 836,000 930,000 877,000 829,000
In structures with 2 - 4 units
17,000 12,000 4,000 8,000 20,000 12,000
In structures with 5 units or more
317,000 440,000 352,000 359,000 393,000 286,000
Northeast
109,000 113,000 88,000 87,000 145,000 99,000
Midwest
155,000 144,000 178,000 175,000 212,000 154,000
South
633,000 683,000 582,000 691,000 621,000 527,000
West
339,000 389,000 344,000 344,000 312,000 347,000



New Housing Units Started
(Seasonally adj. at Annual Rate, units), in Y / Y)
Feb. 2018
prel.
Jan. 2018
prel.
Dec. 2017
prel.
Nov. 2017
prel.
Oct. 2017
prel.
Sep. 2017
prel.
Total -7 % 11.49 % -8.1 % 0.54 % 14.46 % -4.49 %
In structures Single-family units 2.85 % 4.9 % -10.11 % 6.04 % 5.79 % -2.59 %
In structures with 2 - 4 units 41.67 % 200 % -50 % -60 % 66.67 % 100 %
In structures with 5 units or more -27.95 % 25 % -1.95 % -8.65 % 37.41 % -11.46 %
Northeast -3.54 % 28.41 % 1.15 % -40 % 46.46 % -5.71 %
Midwest 7.64 % -19.1 % 1.71 % -17.45 % 37.66 % -23 %
South -7.32 % 17.35 % -15.77 % 11.27 % 17.84 % -6.39 %
West -12.85 % 13.08 % 0 % 10.26 % -10.09 % 11.22 %



New Housing Units Started
(Seasonally adj. at Annual Rate, in % Y/Y)
Feb. 2018
prel.
Jan. 2018
prel.
Dec. 2017
prel.
Nov. 2017
prel.
Oct. 2017
prel.
Sep. 2017
prel.
Total -4.04 % 6.66 % -2.77 % 5.79 % -3.73 % 7.64 %
In structures Single-family units 3.44 % 6.56 % 5.16 % 16.98 % 1.62 % 5.87 %
In structures with 2 - 4 units -15 % 500 % -71.43 % -42.86 % 33.33 % -14.29 %
In structures with 5 units or more -19.95 % 4.51 % -15.59 % -13.91 % -14.94 % 14.4 %
Northeast -8.4 % -20.98 % -8.33 % -9.38 % -13.17 % 13.79 %
Midwest -17.11 % -23.4 % -21.59 % -22.91 % 3.92 % 5.48 %
South -3.95 % -1.01 % 1.75 % 20.8 % -0.64 % -0.94 %
West 4.95 % 72.89 % 3.93 % 3.93 % -9.3 % 23.05 %



New Housing Units Authorized
(Not seasonally adjusted, units)
Feb. 2018

prel.
Jan. 2018

prel.
Dec. 2017

prel.
Nov. 2017

prel.
Oct. 2017

prel.
Sep. 2017

prel.
Total
90,500 96,700 93,200 96,500 112,100 100,500
In structures Single-family units
61,100 61,800 56,500 61,700 69,800 66,300
In structures with 2 - 4 units
2,700 3,200 2,800 3,200 4,000 3,200
In structures with 5 units or more
26,700 31,700 33,900 31,600 38,300 31,000
Northeast
7,400 7,500 13,000 9,400 10,900 10,800
Midwest
9,500 9,200 11,700 14,300 19,200 17,500
South
47,300 53,700 41,700 45,900 51,900 45,600
West
26,400 26,300 26,800 26,900 30,100 26,500



New Housing Units Authorized
(Not seasonally adjusted, in Y / Y)
Feb. 2018
prel.
Jan. 2018
prel.
Dec. 2017
prel.
Nov. 2017
prel.
Oct. 2017
prel.
Sep. 2017
prel.
Total -6.41 % 3.76 % -3.42 % -13.92 % 11.54 % -18.03 %
In structures Single-family units -1.13 % 9.38 % -8.43 % -11.6 % 5.28 % -13.33 %
In structures with 2 - 4 units -15.63 % 14.29 % -12.5 % -20 % 25 % -13.51 %
In structures with 5 units or more -15.77 % -6.49 % 7.28 % -17.49 % 23.55 % -27.06 %
Northeast -1.33 % -42.31 % 38.3 % -13.76 % 0.93 % 9.09 %
Midwest 3.26 % -21.37 % -18.18 % -25.52 % 9.71 % -7.89 %
South -11.92 % 28.78 % -9.15 % -11.56 % 13.82 % -24.25 %
West 0.38 % -1.87 % -0.37 % -10.63 % 13.58 % -20.9 %


New Housing Units Authorized
(Not seasonally adjusted, in % Y/Y)
Feb. 2018
prel.
Jan. 2018
prel.
Dec. 2017
prel.
Nov. 2017
prel.
Oct. 2017
prel.
Sep. 2017
prel.
Total 7.1 % 11.41 % 3.56 % 7.22 % 11.32 % -6.6 %
In structures Single-family units 5.71 % 14.66 % 3.48 % 13 % 13.31 % 5.41 %
In structures with 2 - 4 units -12.9 % 52.38 % 0 % 14.29 % 60 % -8.57 %
In structures with 5 units or more 13.14 % 2.92 % 3.99 % -3.07 % 4.64 % -24.76 %
Northeast 17.46 % -22.68 % 41.3 % 2.17 % 23.86 % -10 %
Midwest -25.78 % -8.91 % 1.74 % 24.35 % 0.52 % -6.42 %
South 3.96 % 11.64 % -2.34 % 7.49 % 11.13 % -8.98 %
West 32 % 39.89 % 1.13 % 1.51 % 15.77 % -1.12 %







New Housing Units Started
(Not seas. adj. at Annual Rate, units)
Feb. 2018

prel.
Jan. 2018

prel.
Dec. 2017

prel.
Nov. 2017

prel.
Oct. 2017

prel.
Sep. 2017

prel.
Total
85,900 90,200 80,300 98,400 112,300 101,300
In structures Single-family units
62,700 58,000 54,300 67,900 74,900 72,300
In structures with 2 - 4 units
1,100 900 300 700 1,800 1,100
In structures with 5 units or more
22,100 31,300 25,700 29,800 35,600 27,900
Northeast
6,500 7,300 6,200 7,000 13,400 9,100
Midwest
8,300 7,200 10,600 14,100 20,200 15,100
South
46,800 49,500 39,500 51,100 52,500 46,400
West
24,300 26,200 23,900 26,200 26,200 30,700






New Housing Units Started
(Not seas. adj. at Annual Rate, in Y / Y)
Feb. 2018
prel.
Jan. 2018
prel.
Dec. 2017
prel.
Nov. 2017
prel.
Oct. 2017
prel.
Sep. 2017
prel.
Total -4.77 % 12.33 % -18.39 % -12.38 % 10.86 % -1.94 %
In structures Single-family units 8.1 % 6.81 % -20.03 % -9.35 % 3.6 % -4.99 %
In structures with 2 - 4 units 22.22 % 200 % -57.14 % -61.11 % 63.64 % 120 %
In structures with 5 units or more -29.39 % 21.79 % -13.76 % -16.29 % 27.6 % 4.49 %
Northeast -10.96 % 17.74 % -11.43 % -47.76 % 47.25 % -3.19 %
Midwest 15.28 % -32.08 % -24.82 % -30.2 % 33.77 % -14.69 %
South -5.45 % 25.32 % -22.7 % -2.67 % 13.15 % -5.11 %
West -7.25 % 9.62 % -8.78 % 0 % -14.66 % 12.04 %







New Housing Units Started
(Not seas. adj. at Annual Rate, in % Y/Y)
Feb. 2018
prel.
Jan. 2018
prel.
Dec. 2017
prel.
Nov. 2017
prel.
Oct. 2017
prel.
Sep. 2017
prel.
Total -1.38 % 9.33 % -3.37 % 18.41 % -2.94 % 6.86 %
In structures Single-family units 7.18 % 7.81 % 4.22 % 30.33 % 3.03 % 6.32 %
In structures with 2 - 4 units -21.43 % 800 % -66.67 % -22.22 % 38.46 % -21.43 %
In structures with 5 units or more -18.75 % 9.44 % -14.62 % -1 % -14.63 % 9.84 %
Northeast -7.14 % -19.78 % -10.14 % 1.45 % -12.42 % 12.35 %
Midwest -11.7 % -25.77 % -26.39 % -2.08 % 5.21 % 3.42 %
South -2.5 % 1.64 % 0.25 % 29.7 % 0 % -0.85 %
West 7.52 % 74.67 % 6.22 % 16.44 % -8.71 % 21.34 %

Source U.S. Department of Commerce
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