Steel Markets
March 25, 2019
Housing Starts Fall After a Rousing January
Written by Sandy Williams
Housing starts took a tumble in February, dropping 8.7 percent below January’s level for a seasonally adjusted annual rate of 1,162,000. Single-family starts plummeted 17.0 percent, although apartment-style housing of five units or more jumped 23.5 percent. Starts declined in all regions except the Midwest, which saw a gain of 26.8 percent for the month.
“The overall lower starts numbers are somewhat deceiving given the revised single-family starts figure in January was at a post-recession high,” said Danushka Nanayakkara-Skillington, AVP for Forecasting and Analysis at the National Association of Home Builders. “Absent the surge last month, the drop in single-family production in February is not as huge as it appears. Still, builders continue to remain cautious due to affordability concerns, as illustrated by the flat permits data.”
