financetom
Economy
financetom
/
Economy
/
US single-family housing starts soar in February
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
US single-family housing starts soar in February
Mar 19, 2024 6:13 AM

WASHINGTON (Reuters) - U.S. single-family homebuilding rebounded sharply in February amid mild temperatures and a persistent shortage of previously owned houses on the market.

Single-family housing starts, which account for the bulk of homebuilding, surged 11.6% to a seasonally adjusted annual rate of 1.129 million units last month, the Commerce Department's Census Bureau said on Tuesday.

Data for January was revised higher to show single-family starts falling to a rate of 1.012 million units instead of the previously reported 1.004 million units.

Permits for the future construction of single-family homes rose 1.0% to a rate of 1.031 million units in February.

Though the housing market has been pummeled by aggressive interest rate hikes from the Federal Reserve as it battles inflation, homebuilding has been supported by an acute housing shortage, with most homeowners locked into lower mortgage rates.

Recent government data showed there were 757,000 housing units for sale in the fourth quarter, well below the 1.145 million units before the COVID-19 pandemic.

A survey from the National Association of Home Builders on Monday showed confidence among single-family home builders rose to an eight-month high in March amid optimism about sales now and over the six months.

Fed officials were due to gather for a two-day meeting on Tuesday. They are expected to leave the policy rate unchanged at the current 5.25%-5.50% range on Wednesday, having raised it by 525 basis points since March 2022.

(This story has been corrected to fix January's revised number in paragraph 3)

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
US goods trade deficit narrows sharply in April as imports plunge
US goods trade deficit narrows sharply in April as imports plunge
May 30, 2025
WASHINGTON (Reuters) -The U.S. trade deficit in goods narrowed sharply in April as the boost from the front-running of imports ahead of tariffs faded. The goods trade gap contracted 46.0% to $87.6 billion last month, the Commerce Department's Census Bureau said on Friday. Goods imports decreased $68.4 billion to $276.1 billion. Exports of goods increased $6.3 billion to $188.5 billion....
US Dollar Rises Early Friday Ahead of Personal Income, Spending, PCE Price Data
US Dollar Rises Early Friday Ahead of Personal Income, Spending, PCE Price Data
May 30, 2025
07:47 AM EDT, 05/30/2025 (MT Newswires) -- The US dollar rose against its major trading partners early Friday, except for a decline versus the yen, ahead of busy schedule of economic data releases that starts with personal income, spending, and price data and the advance trade report, all for April, at 8:30 am ET. Chicago PMI data for May are...
US consumer spending slows in April; inflation rises moderately
US consumer spending slows in April; inflation rises moderately
May 30, 2025
WASHINGTON (Reuters) -U.S. consumer spending increased marginally in April as a rush to beat higher prices from import duties slowed. Consumer spending, which accounts for more than two-thirds of economic activity, rose 0.2% last month after an unrevised 0.7% jump in March, the Commerce Department's Bureau of Economic Analysis said on Friday. Economists polled by Reuters had forecast consumer spending...
Fed seen on hold amid cooler inflation, cautious consumer
Fed seen on hold amid cooler inflation, cautious consumer
May 30, 2025
(Reuters) -Federal Reserve policymakers wary of cutting interest rates in the face of President Donald Trump's aggressive tariffs will likely stick to their wait-and-see stance amid fresh data Friday showing muted inflation last month and evidence of increased consumer caution.  April's 2.1% year-over year increase in the Personal Consumption Expenditure price index, down from 2.3% in March, puts inflation within...
Copyright 2023-2026 - www.financetom.com All Rights Reserved