02:54 PM EDT, 03/18/2025 (MT Newswires) -- Housing starts rose by 11.2% to a 1.501 million annual rate in February, compared with expectations for a smaller increase, with single-family housing starts and multi-family starts both higher.

Building permits fell by 1.2% to a 1.456 million rate in February, with declines in both single-family and multi-family permits. Homes permitted but not started decreased by 1.8%, suggesting starts could decline in the coming months.

The number of homes under construction rose slightly but completions declined in the month, which should subtract from the supply of homes for sale in the near term.

February industrial production rose by 0.7% after a 0.3% gain in January, with manufacturing production up 0.9% overall and up 0.3% excluding an 8.5% jump in motor vehicle and parts production.

Utilities output fell by 2.5% on declines in both electricity and natural gas production as the weather turned warmer. Mining production rose by 2.8%.

Import prices rose by 0.4% in February, below expectations, and were still up 0.4% excluding a 1.7% increase in petroleum prices.

Export prices rose by 0.1% in February both including and excluding a 0.8% gain in agricultural prices.

The New York Federal Reserve's monthly business leaders index, a measure of services conditions, fell to minus 19.3 in March from minus 10.5 in February, indicating faster contraction. Other services data will be released over the coming weeks.

Redbook reported that US same-store retail sales were up 5.2% year-over-year in the week ended March 15, slower than a 5.7% gain in the prior week despite a boost from St. Patrick's Day. Seasonal items are expected to sell well over the coming weeks, though the later-than-normal Easter is a negative factor.

The Q1 GDPnow estimate from the Atlanta Fed is for a 1.8% decline, revised up from a 2.1% drop reported on Monday. The next update is scheduled for March 26.