U.S. residential building activity probably ebbed in February
Hampered by inclement weather conditions in the latter half of the month, the number of new housing units started probably fell by 1.4% to a seasonally adjusted annual rate of 1.05 million in February, marginally eclipsi…
Hampered by inclement weather conditions in the latter half of the month, the number of new housing units started probably fell by 1.4% to a seasonally adjusted annual rate of 1.05 million in February, marginally eclipsing the average activity recorded over the prior six months.
Societe Generale notes as follows on Monday:
We expect the entire pullback to be attributable to reduced multifamily building during the reference period.
The number of new multifamily units started likely fell by 5.7% to 365,000 in February, reversing all but a fraction of January's reported gain. In contrast, single-family starts probably remained on a saw-toothed pattern, climbing by 1.0% to 685,000.
Our forecasts would place the level of new starts over the first two months of 2015 2.7% annualized below their October-December average, following a solid 14.3% fall-quarter gain.
Reduced single- and multifamily issuance in February probably left the number of new building permits issued at a seven-month low of 1.035 million.
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