Following the warmest January on record that helped spur a 16 percent jump in new-home construction, the housing market showed signs of cooling in February, with total housing starts down 7.9 percent for the month to a seasonally adjusted annual rate of 2.12 million.
Single-family home construction dipped 2.3 percent to 1.8 million units. Multifamily starts fell 30.4 percent to 320,000 units after posting an unsustainably high level of 460,000 units in January.
All access premium subscription
Only Electrical Marketing newsletter subscribers have access to premium content.
Being a subscriber to the Electrical Marketing newsletter allows you exclusive access to high value content including key economic indicators measuring the health of the market and access to the Electrical Price Index and other important industry insights.
Sign up for the Electrical Marketing newsletter to get access.