Tags: US | Economy

Housing Construction, Permits Drop Due to Snowy Weather

Tuesday, 16 Mar 2010 08:36 AM

 

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink
Housing starts and permits to build new homes both fell in February as winter storms in some parts of the country disrupted home building, a government report showed on Tuesday.

The Commerce Department said housing starts fell 5.9 percent to a seasonally adjusted annual rate of 575,000 units, reversing the prior month's gain.

Analysts polled by Reuters had expected housing starts to fall to 570,000 units. January's housing starts were revised upwards to 611,000 units from the previously reported 591,000. Compared to February last year, starts were up 0.2 percent.

Groundbreaking for single-family homes fell 0.6 percent last month to an annual rate of 499,000 units after rising 4.4 percent in January. Starts for the volatile multifamily segment fell 30.3 percent to a 76,000-unit annual pace after advancing 18.5 percent in January.

The government-led housing market recovery from a three-year slump is showing signs of hesitancy, but analysts reckon an improvement in the labor market and the broader economic picture will prevent another collapse in the sector.

Home-builder sentiment slipped this month on worries over lack of credit for new projects and a wave of distressed properties hitting the market. Such properties typically sell below value and could crowd out the market for new homes.

New building permits, which give a sense of future home construction, fell 1.6 percent to a 612,000-unit pace last month, dropping for a second straight month, the Commerce Department said.

That compared to analysts' forecasts for 610,000 units.

© 2014 Thomson/Reuters. All rights reserved.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Retype Email:
Country
Zip Code:
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
You May Also Like

Sen. Bill Nelson Criticizes Florida's Not Expanding Medicaid

Friday, 01 Aug 2014 12:24 PM

Florida Democratic Sen. Bill Nelson has blasted the Sunshine State's legislature in a speech on the Senate floor for his . . .

Poll: Obamacare More Unpopular Than Ever

Friday, 01 Aug 2014 11:05 AM

In an unprecedented number, the majority of Americans have an unfavorable view of Obamacare, according to a new survey.T . . .

Billionaire Environmentalist Steyer's Group Pumps $750K to Defeat Florida's Gov. Scott

Friday, 01 Aug 2014 10:15 AM

Billionaire hedge fund manager Tom Steyer promised to put Republican Florida Gov. Rick Scott in the crosshairs in the mi . . .

Most Commented

Newsmax, Moneynews, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, NewsmaxWorld, NewsmaxHealth, are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved