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U.S. Housing Starts Cooled in February After Robust January

Mortgage rates remain historically low despite recent increases and consumer confidence.

By Katia Dmitrieva | Updated on March 16, 2018
New home construction down in January.

U.S. new-home construction cooled by more than expected in February on a reversal in the volatile multifamily category, while building remained on pace to contribute to economic growth this quarter, government figures showed Friday.

Highlights of Housing Starts (February) Residential starts fell 7% to a 1.24m annualized rate (est. 1.29m) after 1.33m pace in prior month Single-family home starts rose 2.9%, second straight gain; multifamily starts fell 26.1% after similar jump the prior month Permits, a proxy for future construction of all types of homes, fell 5.7% to 1.3m rate (est. 1.32m) from 1.38m pace Key Takeaways Even with February’s decline, the results indicate homebuilding is continuing the progress made last year, with demand supported by a tight job market and steady pay gains. Mortgage rates remain historically low despite recent increases and consumer confidence is elevated as tax cuts aid disposable income.

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