[1]Privately-owned housing starts in February dropped to the lowest rate seen in years, according to the New Residential Construction Report [2] released by the U.S. Census Bureau and U.S. Department of Housing and Urban Development (HUD). Housing starts dropped 17 percent in February to a seasonally adjusted annual rate of 897,000. This is 3.3 percent below the February 2014 rate of 928,000. The Northeast and Midwest region saw the biggest drop in starts at 56.5 percent and 37 percent. The West region saw the least starts drop at 18.2 percent.
Single-family housing start rates also saw a decline in February showing a rate of 593,000, a 14.9 percent drop from the January figure of 697,000. Single-family housing completions in February were at a rate of 595,000, which is 12.1 percent below the revised January rate of 677,000.
Privately-owned housing completions in February were at a seasonally adjusted annual rate of 850,000, a 13.8 percent drop from the revised January estimate of 986,000. This rate is 1.8 percent below the February 2014 rate of 866,000.
The northeast saw the biggest drop in completion rates month-over-month falling 29.3 percent, while the Midwest had the lowest decline with a 7.4 percent decrease. The South and West saw more of a mid-range drop at 14 and 12 percent. Year-over-year the West saw no change in completion rates while the Northeast and Midwest had the highest rates declines both at around 18 percent.
Privately-owned housing units authorized by building permits in February were at a seasonally adjusted annual rate of 1,092,000. This is 3.0 percent above the revised January rate of 1,060,000 and is 7.7 percent above the February 2014 estimate of 1,014,000. Single-family authorizations in February were at a rate of 620,000, which is 6.2 percent below the revised January figure of 661,000.