Housing Bubble
Housing Starts - largest fall since 1994
Privately-owned housing starts in February were at a seasonally adjusted annual rate of 1,622,000 according to figures reported today by the U.S. Commerce Department's Census Bureau. This is 11.0 percent below the revised January estimate of 1,822,000, the largest fall since January 1994, and 9.3 percent below the February 2002 rate of 1,788,000.
Single-family
housing starts in February 2003 were at a rate of 1,295,000; this is
13.7 percent below the January figure of
1,501,000. The February
estimate for units in buildings with five units or more was 297,000.
Building Permits
Privately-owned housing units authorized by building
permits in February were at a seasonally adjusted annual rate of 1,786,000,
according
to estimates. This is 0.4 percent above the revised January rate of
1,779,000, and is 1.1 percent above the February 2002 estimate of 1,766,000.
Single-family authorizations in February were at a rate of 1,315,000; this is 6.8 percent below the January figure of 1,411,000. Authorizations of units in buildings with five units or more were at a rate of 389,000 in February.
Housing Completions
Privately-owned housing completions in February were at a seasonally adjusted annual rate of 1,674,000, according joint estimates from the U.S. Census Bureau and the U.S. Department of Housing and Urban Development. This is 4.5 percent above the revised January estimate of 1,602,000 and is 0.3 percent above the February 2002 rate of 1,669,000.
Single-family housing completions in February
2003 were at a rate of 1,331,000; this is 4.1 percent above the January
figure
of 1,279,000. The February rate for units in buildings with five units
or more was 321,000.
