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Construction Starts and Permits Took a Double-Digit Hit in February
Wednesday, March 17, 2021
It
looked last month as though residential construction was about to take off.
While starts were down in January, permits surged by 10.4 percent. Builders
apparently had second thoughts in February as both measures fell by double
digits. The
U.S. Census Bureau and Department of Housing and Urban Development said permits
for construction of residential units were at a seasonally adjusted rate of 1,682,000.
This is 10.8 percent below the revised (from 1,881,000) rate in January of
1,886000. The February rate was still a 17.0 percent improvement on the
permitting rate a year earlier.
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