Building permits down as housing starts edge up
By Staff -- Home Textiles Today, 3/20/2007 12:26:00 PM
Washington– New home inventory is flattening, as the Commerce Dept. reported today housing starts in February recovered somewhat from the January downturn – but builders hedged their bets resulting in a slowdown in the issuing of new building permits.
Privately owned housing starts in February were at a seasonally adjusted annual rate of 1,525,000 units, or 9.0% above the revised January estimate of 1,399,000. The typically volatile rate had plunged 14.3% in January.
The Feb. 2007 rate is a hefty 28.5% below the Feb. 2006 rate of 2,132,000 units.
Privately-owned housing units authorized by building permits in February were at a seasonally adjusted annual rate of 1,532,000, or 2.5% below the revised January rate of 1,571,000 and 28.6% below the year-ago estimate of 2,147,000.
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