Single-family housing starts surged 11.6% from January and 35.2% from February 2023, according to the U.S. Census Bureau.
Overall housing starts jumped 10.7% in February to a seasonally adjusted annual rate of 1.52 million.
Housing permits rose 1.9% and housing completions jumped 19.7% from a month ago. Single-family permits increased 1.0%.
“Single-family housing is poised for a good year in 2024 with starts and permits on an upward trend,” stated Danushka Nanayakkara-Skillington of the National Association of Home Builders. “The uptick in single-family permits is good news for the industry, which was hit hard by tight monetary policy last year. However, builders still face several supply-side challenges in the form of shortages and higher prices for buildable lots and labor.”
On a regional basis, housing starts rose 50.7% in the Midwest and 15.7% in the South, as the Northeast and West recorded declines of 10.3% and 7.9%, respectively.
