US February housing starts fell 7 pct after January surge
WASHINGTON — U.S. homebuilders broke ground on fewer apartment complexes in February, causing overall housing starts to fall 7 per cent.
The Commerce Department said Friday that housing starts last month were at a seasonally adjusted annual pace of 1.24 million, a decline that was anticipated after construction surged in January to 1.33 million.
February’s slowdown in construction came from a 28 per cent plunge in starts for multi-family buildings. Groundbreakings for single-family houses actually rose 2.9 per cent.
Builders’ efforts have shifted to single-family houses as the economy has improved and as fewer existing homes are being listed for sale. The solid job market and a growing millennial population looking to purchase a home have lifted demand over the past two years. But the number of homes listed for sale has fallen during that time. Increased construction has not fully offset the shortage.