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March 19, 2024US HOUSING STARTS AND BUILDING PERMITS, FEBRUARY 2024 Month over month (February 2024 vs January 2024, seasonally adjusted annualized rates)
US housing starts increased 10.7% to a seasonally adjusted annualized rate of 1,521,000 units. There were increases in single unit starts (+11.6%), as well as multi-unit starts (+8.6%).
The number of residential building permits increased 1.9% to a seasonally adjusted annualized rate of 1,518,000 units. Permits were up for single units (+1.0%), up for structures with 2-4 units (+18.4%), and up for multi-unit structures with more than 5 units (+2.4%).
Year over year (February 2024 vs February 2023, seasonally adjusted annualized rates)
Compared to February 2023, US housing for starts were up 5.9%, with increases in single unit starts (+35.2%), and down for multi-unit starts (-35.9%).
Residential building permits were up 2.4%, with increases in single units (+29.5%), increases in structures with 2-4 units (+20.8%) and declines in structures with 5 or more units (-32.8%).
Year-to-date (January-February 2024 vs January-February 2023, seasonally adjusted annualized rates)
Compared to January-February 2023, US housing for starts were up 4.3%, with increases in single unit starts (+29.1%), and down for multi-unit starts (-33.8%).
Residential building permits were up 6.0%, with increases in single units (+29.5%), increases in structures with 2-4 units (+4.9%) and declines in structures with 5 or more units (-28.7%).
Source: US Census Bureau New Residential Construction, retrieved from Federal Reserve Bank of St. Louis using a FRED API and VBA
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