Privately-owned housing starts in February were at a seasonally adjusted annual rate of 1,236,000 units, 7% below the revised January estimate of 1,329,000 and 4% below the Feb. 2017 rate of 1,288,000. Single-family housing starts in February were at a rate of 902,000, 2.9% above the revised January figure of 877,000.
“Some multi-family pullback is expected after an unusually strong January reading,” said NAHB Chief Economist Robert Dietz. “Multi-family housing starts should continue to level off throughout the year. Meanwhile, the growth in single-family housing production is in line with our 2018 forecast for gradual, modest strengthening in this sector of the housing market.”
