Housing Starts Surge
The housing starts for February 2024 stood at a SAAR of 1,521,000, representing a significant 10.7% increase from January and a 5.9% rise compared to the same month last year. Single-family housing starts were particularly strong, registering an 11.6% increase to a rate of 1,129,000. The rate for buildings with five units or more was reported at 377,000.
Housing Completions Show Robust Growth
Housing completions in February reached a SAAR of 1,729,000, surging 19.7% from January and showing a 9.6% increase from February 2023. Single-family housing completions saw a substantial increase of 20.2%, with a rate of 1,072,000. The rate for units in larger buildings was 644,000.
Market Forecast
The strong performance in building permits, housing starts, and completions suggests a bullish outlook for the residential construction sector…
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