Housing permits rose a sharp 4.6 percent to a seasonally adjusted annual rate of 946,000 in February, to the highest level since June 2008, while housing starts edged up 0.8 percent to 917,000, the Census Bureau and HUD reported jointly Tuesday. Most—almost 62 percent–of the increase in permits came in applications to build multifamily units.
Economists had expected the report to show 919,000 permits (up from the originally January report of 890,000) and 925,000 starts, unchanged from the original report. Permits for January were revised down to 904,000, while January starts were revised up to 910,000. Without the revision, permit activity would have shown a far steeper increase and starts a smaller improvement.
Read more...Permits, Starts Data Show Shift to Multifamily via DSnews.com