Housing Starts, Building Permits Dip
WASHINGTON (
) -- Homebuilders broke ground on fewer homes last month, according to the government, though the drop-off could simply suggest wintry weather slowed projects around the nation.
The Commerce Department said housing starts fell 5.9% in February to a seasonally adjusted annual rate of 575,000. The January figure was also revised higher, reflecting more building, edging up to a 611,000 rate from the previous 591,000 estimate. Street forecasts provided by Briefing.com had anticipated a fall to 570,000 during February.
Building permits also fell 1.6% to a seasonally adjusted annual rate of 612,000, still beating the consensus estimate calling for a drop to 601,000. Market observers typically use permits as a leading indicator for future construction projects.
--Written by Sung Moss in New York