The number of homes under construction in the U.S. in February rose 9.8 percent from the previous month to 1.45 million at an annualized rate, a five-month high, according to the country’s Commerce Department.
According to the revised data, the number of new buildings in January was 1.321 million, rather than the 1.309 million previously announced. Despite the revision, the January figure was the lowest since June 2020.
Experts had predicted an increase in the number of new buildings in February to 1.31 million from the previously announced January level, according to Trading Economics.
The number of new buildings was down 18.4 percent from February 2022.
The number of new home construction permits issued in the U.S. in February increased 13.8% to 1.524 million on an annualized basis from 1.339 million a month earlier. Analysts’ consensus forecast suggested that the number of permits in February would be 1.34 million.
Construction of single-family homes rose 1.1% last month, to 830,000. Permits for such homes rose 7.6%, to 777,000.
In the case of apartment buildings (including apartments and condominiums), a more volatile market segment, there was a 24.1% increase, to 608,000. The number of permits for construction of apartment buildings increased 21.1%, to 747,000.
