Groundbreaking for new U.S. home construction declined in February, dropping 0.6% to a seasonally adjusted annual rate of 1.065 million as building permits slipped 7.8% to an annual rate of 978,000, according to Commerce Department data released yesterday.
The rate for housing starts exceeded the 990,000 level predicted by IFR Markets’ poll of economists, which had projected a 1.025 million rate for permits.
The 0.6% decline in starts partially offset a revised 7.1% rise in January to 1.071 million units, originally reported as 1.012 million units. January permits were down 6.2% to 1.061 million units.
