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Construction Starts and Permits Took a Double-Digit Hit in February

Wednesday, March 17, 2021

It looked last month as though residential construction was about to take off. While starts were down in January, permits surged by 10.4 percent. Builders apparently had second thoughts in February as both measures fell by double digits. The U.S. Census Bureau and Department of Housing and Urban Development said permits for construction of residential units were at a seasonally adjusted rate of 1,682,000. This is 10.8 percent below the revised (from 1,881,000) rate in January of 1,886000. The February rate was still a 17.0 percent improvement on the permitting rate a year earlier.

 

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