Tuesday, March 16, 2010

New Housing Starts and Permits Decline

Both new housing starts and building permits fell in February, according to the monthly report from the U.S. Commerce Department.

New-home construction declined to an annual rate of 575,000, down 5.9 percent from January. Levels were still 0.2 percent higher than they were in February 2009.

Builder permits fell to a seasonally adjusted annual rate of 612,000, down 1.6 percent from January, but up 11.3 percent compared to February 2009.

Analysts blamed the declines on the weather.

Source: Bloomberg, Shobhana Chandra (03/16/2010)

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