Multifamily activity drove down overall housing permits and new construction last month, though there was an increase in completed apartment buildings. Construction activity in the Northeast was exceptionally strong.
In places where housing permits are issued, there were preliminarily 90,500 privately owned housing units authorized during February, bringing the year-to-date total to 187,200.
Last month’s activity worked out to a seasonally adjusted annual rate of 1.298 million, slowing from a downwardly revised 1.377 million one month previous.
Source: Mortgage Daily