Rolling Back January Gains

Mortgage News Daily reports Housing Starts and Permits Roll Back January Gains.

The two principal measures of residential construction activity had been expected to decline a bit in February after a strong performance to kick off the new year.  Instead, the figures reported by the U.S. Census Bureau and the Department of Housing and Urban Development for both construction permits and housing starts were well below even the most pessimistic predictions.

Let's dive into the Census Department New Residential Construction report for the details.

At a Glance

  • Permits Down 5.7% Month-Over-Month
  • Permits Up 6.5% Year-Over-Year
  • Starts Down 7.0% Month-Over-Month
  • Starts Down 4.0% Year-Over-Year
  • Completions Up 7.8% Month-Over-Month
  • Completions Up 13.6% Year-Over-Year

RECOMMENDED ARTICLES

Image placeholder title

Building Permits

Privately-owned housing units authorized by building permits in February were at a seasonally adjusted annual rate of 1,298,000. This is 5.7 percent below the revised January rate of 1,377,000, but is 6.5 percent above the February 2017 rate of 1,219,000. Single-family authorizations in February were at a rate of 872,000; this is 0.6 percent below the revised January figure of 877,000. Authorizations of units in buildings with five units or more were at a rate of 385,000 in February.

Housing Starts

Privately-owned housing starts in February were at a seasonally adjusted annual rate of 1,236,000. This is 7.0 percent below the revised January estimate of 1,329,000 and is 4.0 percent below the February 2017 rate of 1,288,000. Single-family housing starts in February were at a rate of 902,000; this is 2.9 percent above the revised January figure of 877,000. The February rate for units in buildings with five units or more was 317,000.

Housing Completions

Privately-owned housing completions in February were at a seasonally adjusted annual rate of 1,319,000. This is 7.8 percent above the revised January estimate of 1,224,000 and is 13.6 percent above the February 2017 rate of 1,161,000. Single-family housing completions in February were at a rate of 895,000; this is 3.0 percent above the revised January rate of 869,000. The February rate for units in buildings with five units or more was 418,000.

Mike "Mish" Shedlock

Housing Starts Jump 9.2%, Permits Decline 5.7%

Housing starts are up but permits are down. The current overall level of activity is less than occurred in 1962.

Housing Starts Unexpectedly Plunge 12.3% in June, Permits Down 2.2%

Economists were shocked by today's housing report. Let's go over the details.

Housing Continues to Weaken: Starts Decline 5.3%, Permits Down 0.6%

Starts, permits, and completions are down across the board as home buying continues to weaken.

Housing Starts and Permits Rebound in March but Strength Entirely Multi-Family

Housing starts rose 1.9 percent in March led by multi-family. Single-family starts dipped 3.7 percent.

Housing Starts Jump 5% in May, Permits Dip 4.6%: 2nd-Quarter GDP Looking Solid

Housing starts rose a solid 5% in May with permits down 4.6%. Starts are more important so this was a good report.

Housing Starts Jump 12.3%, Permits 7.7%, Completions, 2.4%

Likely spurred on by falling interest rates, housing stats and permits jumped in August.

Mediocre Housing Numbers: Single-Family Starts and Permits Down, Multi-Family Up

Today's construction report shows permits fell 0.6%, single-family starts fell 1.8%, but multi-family starts rose 1.6%.

Housing Starts Jump More Than Expected: Economy Overheating?

Housing starts and permits were overall positive, but negative revisions make the increases less than meets the eye.

Housing Starts Rebound 5.7% in April, Trend Remains Down

Housing starts broke a spell of abysmal economic reports. Housing permits are mixed with single-family permits lower.