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US housing starts top estimates in February

by ChemOrbis Editorial Team -
  • 16/03/2016 (16:32)
According to data from the US Commerce Department, US housing starts rose 5.2% to an annualized rate of 1.18 million units in February from January’s 1.12 million units, beating economists’ estimates, which called for a pace of 1.15 million units in a survey by Bloomberg. The increase in housing starts was attributed to higher consumer confidence in line with steady employment growth and a pickup in wages. On a yearly basis, total housing starts in the US surged 31% in February.

Construction starts on single-family houses rose to an annualized pace of 882,000 units in February, reaching the highest level seen since November 2007, while housing starts for multi-family units climbed to an annualized pace of 356,000 units in February. Housing starts rose 26.1% in the West while starts dipped 51% in the Northeast.

However, building permits, an indicator of future construction, fell 3.1% to an annualized pace of 1.17 million units in February from around 1.2 million units in the previous month.
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