February Housing Starts Up 11.2% from January, Down 2.9% YOY

Washington, DC, March 18, 2025-Privately-owned housing starts in February were at a seasonally adjusted annual rate of 1,501,000, 11.2% above the revised January estimate of 1,350,000 but 2.9% below the February 2024 rate of 1,546,000, according to the U.S. Census Bureau.

Single-family housing starts in February were at a rate of 1,108,000; this is 11.4% above the revised January figure of 995,000. The February rate for units in buildings with five units or more was 370,000.

Privately-owned housing units authorized by building permits in February were at a seasonally adjusted annual rate of 1,456,000. This is 1.2% below the revised January rate of 1,473,000 and is 6.8% below the February 2024 rate of 1,563,000. Single-family authorizations in February were at a rate of 992,000; this is 0.2% below the revised January figure of 994,000. Authorizations of units in buildings with five units or more were at a rate of 404,000 in February.

Privately-owned housing completions in February were at a seasonally adjusted annual rate of 1,592,000. This is 4.0% below the revised January estimate of 1,659,000 and is 6.2% below the February 2024 rate of 1,698,000. Single-family housing completions in February were at a rate of 1,066,000; this is 7.1% above the revised January rate of 995,000. The February rate for units in buildings with five units or more was 512,000.

Says Truist, “Total housing starts in February beat consensus expectations on a seasonally-adjusted basis by a considerable margin. Single family did decline modestly, but this is lapping a nearly 40% comp gain, and the 80,000 single-family units started in the month is only 5% below 2022 levels, which was the peak post-pandemic February rate. Single-family permits also fell, but held relatively well given once again a very tough comp. Multi-family was more challenged in the month, with permits declining substantially YOY and completions flipping to a negative result for the first time in about a year and a half.”