USA: privately-owned housing starts down 3.3% y/y in February 2015

The US Census Bureau and the Department of Housing and Urban Development have released residential construction statistics for February 2015.

During the month, privately-owned housing units authorised by building permits came in at a seasonally adjusted annual rate of 1.092 million. This represents an increase of 3% when compared to the revised January rate of 1.06 million. It is also higher than the February 2014 estimate of 1.014 million.

Meanwhile, at an estimated rate of 620 000, single-family authorisations were up 6.2% on the revised January rate.

Single-family housing starts are estimated at a seasonally adjusted annual rate of 593 000. This negatively compares to January’s revised rate of 697 000. Privately-owned housing starts in February 2015 were also lower than January’s revised rate, falling from 1.081 million to 897 000. When compared to the corresponding month in 2014, privately-owned housing starts declined by 3.3%.

Privately-owned housing completions reached an estimated seasonally adjusted annual rate of 850 000 in the second month of 2015. This is down 13.8% on the revised January 2015 figure and 1.8% lower than in February 2014. Single-family housing completions contracted by 12.1% when compared to January.

Adapted from press release by Louise Fordham

Read the article online at: https://www.worldcement.com/the-americas/23032015/us-residential-construction-figures-february-2015-562/