Single-family housing starts in February were at a seasonally adjusted annual rate of 822,000 units, an increase of 7.2 percent since January, and the highest level since November 2007, according to the National Association of Home Builders.
Combined nationwide single- and multifamily starts in February were at a seasonally adjusted annual rate of 1.178 million units in February, an increase of 5.2 percent month-over-month. Multifamily starts in February were unchanged.
"February's single-family gains indicate that this sector is strengthening in line with our forecast," said NAHB Chief Economist David Crowe in a statement. "As the U.S. economy firms, job creation continues and mortgage interest rates remain low, we should see further growth in housing production moving forward."
Single- and multifamily starts increased in three of four regions in February. The West, Midwest and South reported gains of 26.1 percent, 19.9 percent and 7.1 percent, respectively. The Northeast fell 51.3 percent.
"This month's report is consistent with positive builder sentiment and other economic indicators showing that the housing market continues to recover at a gradual pace," said NAHB Chairman Ed Brady.
The article was updated March 16 to clarify the rate of single-family housing starts in February.
