Building Permits Continue to Decline
Building permits, a key indicator of future construction, fell 1.2% month-over-month to an annualized rate of 1.456 million. This decline extended the downward trend, with permits now 6.8% below year-ago levels. Single-family authorizations remained relatively stable at 992,000, down just 0.2% from January. However, permits for multi-family units in buildings with five or more units dropped to 404,000, indicating softer demand in the rental market.
Housing Completions Ease
Housing completions declined 4.0% in February to a seasonally adjusted annual rate of 1.592 million. Compared to the same period last year, completions were down 6.2%, reflecting ongoing supply chain and labor constraints. Single-family completions, however, rose 7.1% to 1.066 million, signaling a stronger push to deliver finished homes to the market.