US Building Permits and Housing Starts See Significant Rise in February 2024

U.S. New Residential Construction: February 2024

The U.S. Census Bureau and the Department of Housing and Urban Development have released their latest data on new residential construction for February 2024. This report provides a comprehensive overview of the current state of housing developments, including figures on building permits, housing starts, and completions.

Building Permits Increase

February saw a notable rise in building permits, reaching a seasonally adjusted annual rate (SAAR) of 1,518,000. This marks a 1.9% increase from January’s revised rate of 1,489,000 and a 2.4% year-over-year growth from February 2023. Notably, single-family authorizations climbed to 1,031,000, a 1.0% rise from January. Authorizations for buildings with five units or more also showed strength, recorded at 429,000.

Housing Starts Surge

The housing starts for February 2024 stood at a SAAR of 1,521,000, representing a significant 10.7% increase from January and a 5.9% rise compared to the same month last year. Single-family housing starts were particularly strong, registering an 11.6% increase to a rate of 1,129,000. The rate for buildings with five units or more was reported at 377,000.

Housing Completions Show Robust Growth

Housing completions in February reached a SAAR of 1,729,000, surging 19.7% from January and showing a 9.6% increase from February 2023. Single-family housing completions saw a substantial increase of 20.2%, with a rate of 1,072,000. The rate for units in larger buildings was 644,000.

Market Forecast

The strong performance in building permits, housing starts, and completions suggests a bullish outlook for the residential construction sector in the short term. The consistent increase across these key metrics indicates robust demand and a positive growth environment for the housing market.