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New-home construction picks up in February

Seattle, Portland, San Francisco
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Single-family housing starts ↑ 5.7% from January’s revised estimate to 1,215M, while multifamily starts ↑ 0.8% to 501K.Altogether, the combined construction pace of single-family homes and buildings with five or more units ↑ 6.8% MoM, at 1,769M units. While builders are continuing to push to meet demand, supply-side headwinds slow the home-building momentum. Permits, a leading indicator of future starts, is down modestly MoM as builders grow concerned about affordability challenges ahead, as rates continue to rise. But record low existing-home inventory and millennial demand is supportive of new construction.


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