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US housing starts plunge in February

by ChemOrbis Editorial Team -
  • 17/03/2015 (16:22)
US housing starts plunged in February due to severe weather conditions, according to a report released by the US Commerce Department. New housing starts dipped 17% to an annualized rate of 897,000 units in February, falling below economists’ initial estimates, which called for a pace of 1.04 million in a survey by Bloomberg.

The report showed that single-family house construction fell 14.9% to 593,000 units while construction of multifamily houses decreased 20.8% to an annual rate of 304,000 units in February. Across the country, new construction declined by a record 56.5% in the Northeast while the Midwest posted the largest decrease since January 2014 after falling by 37%. Housing starts declined in the South and West as well, which some economists took as a sign that the slowdown in housing starts was not wholly tied to the weather.

However, building permits in the US increased 3% to an annual rate of 1.09 million in February. Economists’ initial estimates called for a pace of 1.07 million.
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