Single-Family Housing Starts Rise Slightly, But...

Single-unit residential housing starts totaled 357,000 (annualized) in February, a slight gain from the previous month, but a 51% decline from the same month a year ago. According to new figures compiled by the Census Bureau and the Department of Housing and Urban Development, multifamily starts soared by almost 80% in February to 212,000 units but when compared to the same month a year ago, fell by 40%. Patrick Newport, an analyst with HIS Global Insight cautioned that "one should not make too much noise" over the large sequential increase in the multifamily starts, saying colder than normal weather in December and January pushed starts into February. Single-family permits rose 11% on a sequential basis but fell 42% year over year. Mr. Newport called the permit gain "good news" but noted that, "one should be careful about making inferences from this increase."