Steel Markets
March 17, 2016
Single Family Housing Starts Rebound in February
Written by Sandy Williams
Housing starts jumped 5.2 percent in February led by an eight year high in single-family construction. After a slow start in January, the Commerce Department reports housing starts were at a seasonally adjusted annual rate of 1,178,000, up 5.2 percent from January’s revised rate of 1.12 million and 30.9 percent from February 2015.
Single-family construction surged 7.2 percent to an annualized rate of 822,000. Multi-family housing of 5 units or more increased 2.4 percent for an annualized rate of 341,000. Apartment housing has been a favored choice for young adults saddled student debt and little savings. The surge in single family housing potentially signals stronger confidence in the economy.
