Steel Markets
March 18, 2018
Housing Starts and Permits Drop in February
Written by Sandy Williams
Housing starts fell 7.0 percent in February, driven by a 26 percent plunge in multifamily housing construction, according to data from the Department of Commerce. Total housing starts were at a seasonally adjusted annual rate of 1.24 million units. Single-family housing starts rose 2.9 percent in February to a rate of 902,000.
“The uptick in single-family production is consistent with our builder confidence readings, which have been in the 70s for four consecutive months,” said National Association of Home Builders Chairman Randy Noel. “However, builders must manage rising construction costs to keep home prices competitive.” A recent survey by NAHB showed builder confidence down one point to an index reading of 70 in March.
