Privately-owned housing starts rose to a seasonally adjusted annual rate of 1,769,000 in February, a 22.3% year-over-year increase, according to Bill McBride’s CalculatedRisk Newsletter. Both single-family and multifamily starts were above expectations in February, but still not historically high.
Single-family starts are up to the highest level since December 2006 with 799 thousand total units, and multifamily units are up to a total of 784 thousand, the largest share since June 1974. Combined, the total number of housing starts across the U.S. is at its highest rate since August 1973, signaling a revitalized effort to add more housing stock to an undersupplied market.
Currently there are 799 thousand single family units under construction (SA). This is the highest level since December 2006.
Currently there are 784 thousand multi-family units under construction. This is the highest level since June 1974! For multi-family, construction delays are probably also a factor. The completion of these units should help with rent pressure.
Combined, there are 1.583 million units under construction. This is the most since August 1973.
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