Residential housing starts dropped 1.5 percent to a seasonally adjusted rate of 1,599,000 in February, according to a new sales report released on Wednesday by the U.S. Census Bureau and the U.S. Department of Housing and Urban Development.

Even though this marks the second month of drops, numbers are still up 39.2 percent year-over-year. Building permits for new construction dropped by 5.5 percent to a seasonally adjusted rate of 1,464,000, while housing completions fell 0.2 percent to a seasonally adjusted rate of 1,316,000.

Census Bureau

When analyzing single-family construction exclusively, all three metrics are up — permits by 1.7 percent, starts by 6.7 percent and completions by 14.1 percent. While the current coronavirus outbreak and surrounding economic uncertainty make it difficult to predict numbers in the coming months and year, construction was initially expected to pick up strongly in the spring of this year.

Email Veronika Bondarenko

Show Comments Hide Comments


Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
Thank you for subscribing to Morning Headlines.
Back to top
Time is running out to secure your Connect Now tickets at the lowest price. Don't miss out on a chance to grow yourself and your business.Learn More×
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription