Steel Markets
March 18, 2020
Housing Construction Slips in February
Written by Sandy Williams
Housing starts dipped 1.5 percent from January to February to a seasonally adjusted annual rate of 1,599,000, but were 39.2 percent higher than a year ago, according to a report from the U.S. Housing and Urban Development and Commerce Department. Single-family housing starts jumped 6.7 percent in February to 1,072,000 while starts for housing with five units or more fell 27 percent.
“Housing starts were strong at the outset of 2020, as builders started production of homes to meet consumer demand at the beginning of the year,” said NAHB Chairman Dean Mon. “While these are solid numbers, the report is backward looking. Challenges lie ahead due to broad economic weakening stemming from the coronavirus crisis.”
