Home builders broke ground last month on the fewest homes in nearly two years and cut their requests for permits to start new projects to a five-decade low.
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Single-family housing starts fell 11.8 % in February to a level not seen since the spring of 2009.
The Census Bureau reported that single-family starts fell to a 375,000 seasonally adjusted annual rate in February from a 425,000 rate the month prior.
An upward revision in the January rate showed starts rose 1.4% in January.
Meanwhile, multifamily starts fell 47% in February to a 96,000 unit annual rate, after an 80% spike in January.
"This was an awful report, perhaps the worst housing starts report ever," said Patrick Newport, an economist with IHS Global Insight.
