Multifamily Drop Push Total Housing Start Down as Single-Family Make Gain

A decline in multifamily starts pushed overall housing production down 7.0 percent in February to a seasonally adjusted annual rate of 1.24 million units, according to newly released data from the U.S. Department of Housing and Urban Development and the Commerce Department. Multifamily production fell 26.1 percent to a seasonally adjusted annual rate of 334,000 units after an exceptionally high January report. Meanwhile, single-family starts posted a 2.9 percent gain to 902,000 units.

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Source: NAHB