Keeping you up to date on the latest data releases.
Single-family housing starts lost ground in February, plummeting 11.8 percent and falling to their lowest level since March 2009. The decline follows a small increase of 1.4 percent in January. The pace of starts is currently 375,000 annualized units, which is 28.8 percent below February 2010’s pace. Only the South region saw an improvement in single-family housing starts, rising 3.9 percent. The Northeast, Midwest, and West declined 20.4 percent, 31.2 percent, and 25.5 percent, respectively. Additionally, single-family housing permits declined 9.3 percent, falling to 382,000 annualized units, which is 27.0 percent below February 2010’s pace. The weakness in single-family housing starts and permits was attributed to a high level of foreclosed homes, which has reduced the demand for new construction.