US Building Permits and Housing Starts See Significant Rise in February 2024 -

U.S. New Residential Construction: February 2024

The U.S. Census Bureau and the Department of Housing and Urban Development have released their latest data on new residential construction for February 2024. This report provides a comprehensive overview of the current state of housing developments, including figures on building permits, housing starts, and completions.

Building Permits Increase

February saw a notable rise in building permits, reaching a seasonally adjusted annual rate (SAAR) of 1,518,000. This marks a 1.9% increase from January’s revised rate of 1,489,000 and a 2.4% year-over-year growth from February 2023. Notably, single-family authorizations climbed to 1,031,000, a 1.0% rise from January. Authorizations for buildings with five units or more also showed strength, recorded at 429,000.

Housing Starts Surge

The housing starts for February 2024 stood at a SAAR of 1,521,000, representing a significant 10.7% increase from January and a 5.9% rise compared to the same month last year. Single-family housing starts were particularly strong, registering an 11.6% increase to a rate of 1,129,000. The rate for buildings with five units or more was reported at 377,000.

Housing Completions Show Robust Growth

Housing completions in February reached a SAAR of 1,729,000, surging 19.7% from January and showing a 9.6% increase from February 2023. Single-family housing completions saw a substantial increase of 20.2%, with a rate of 1,072,000. The rate for units in larger buildings was 644,000.

Market Forecast

The strong performance in building permits, housing starts, and completions suggests a bullish outlook for the residential construction sector in the short term. The consistent increase across these key metrics indicates robust demand and a positive growth environment for the housing market.

This article was originally posted on FX Empire


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


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