Storms Depress Housing Starts in February

Washington, DC, March 16, 2010--U.S. housing starts fell 5.9% to an annual rate of 575,000 in February, according to the Commerce Department.

Several massive snow storms hit the East and South, which depressed starts.

New construction was down in the Northeast and South, but up in the Midwest and West.

Starts of single-family homes fell 0.6% to a 499,000 pace, while starts of large condos and apartment building fell 43%.

In the last year, starts of single-family homes are up 39%, while starts of multifamily units are down 41%.

Building permits dropped 1.6% to 612,000 in February. Permits for single-family homes fell 0.2% to a 503,000 rate.