Posted To: MND NewsWire

As anticipated, the two major data sets in February’s residential construction report declined from their January level but both construction permitting and housing starts maintained a significant edge over their performance in February 2019. Permits for residential construction were issued during the month at a seasonally adjusted annual rate of 1,464,000 units, 5.5 percent below the January rate of 1,550,000. The January estimate was revised only slighting, down about 1000 units. February permits were up 13.8 percent compared to a year earlier. The consensus estimate from analysts polled by Econoday nailed the 1,550,000-permitting figure. The range of their forecasts was 1,460,000 to 1,550,000. Single family permits were up 1.7 percent from the 987,000 rate in January to 1,004,000 unit. This…(read more)

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Source: Mortgage News Daily