US housing starts surge in February, building permits rise

19th Mar 2024 12:08

(Sharecast News) - Both building permits and housing starts surged across the US in February, according to the Census Bureau, beating forecasts.

Building permits rose 1.9% to a seasonally adjusted annualised rate of 1.51m in February, exceeding market forecasts for a reading of 1.49m to hit the highest level seen since August 2023.

Approvals for the volatile multi-segment increased by 4.1% to 487,000, while single-family authorisations saw a 1.0% uptick to 1.03m - the highest level since May 2022.

Housing starts soared 10.7% month-on-month to an annualised rate of 1.52m, after falling by 12.3% in January, smashing expectations for a reading of 1.42m, amid a persistent shortage of previously owned houses.

Single-family housing starts jumped 11.6% to 1.12m, while the rate for units in buildings with five units rose 8.6% to 377,000.

Starts jumped in the Midwest and the South but fell in the Northeast and the West.

Reporting by Iain Gilbert at Sharecast.com