Housing Starts Near All-Time Lows in February
U.S. Department of Commerce data also reveal that the 22% drop from January to February was the worst since 1984. The number of homes currently under construction is a record low.
In just another signal to integrators that existing homeowners are the prime target market these days, the U.S. Department of Commerce reports that new construction of housing units plunged in February to near record lows.
According to Marketwatch, housing starts fell 22.4 percent compared to January. The drop was the largest monthly drop since March 1984.
The fall erased what were seen as solid numbers in January, which showed a pace of 618,000 starts for the year, including an 87.4 percent increase in MDU starts. But the new February numbers revise the forecast down to just 479,000 units for the year. That’s just above the lowest ever which was 477,000 back in April 2009.
Single-family homes fell 11.8 percent to a 375,000 rate, while starts of multifamily units dropped 46.1 percent to 104,000, says Marketwatch. Single-family starts are off nearly 29 percent in the past year and apartment and condo starts are down nearly 55 percent. Only 424,000 homes are currently under construction. That is a record low.
Starts were down in all four regions of the country, with single-family housing starts hitting a record low in the Midwest.
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Jason Knott is Chief Content Officer for Emerald Expositions Connected Brands. Jason has covered low-voltage electronics as an editor since 1990, serving as editor and publisher of Security Sales & Integration. He joined CE Pro in 2000 and serves as Editor-in-Chief of that brand. He served as chairman of the Security Industry Association’s Education Committee from 2000-2004 and sat on the board of that association from 1998-2002. He is also a former board member of the Alarm Industry Research and Educational Foundation. He has been a member of the CEDIA Business Working Group since 2010. Jason graduated from the University of Southern California. Have a suggestion or a topic you want to read more about? Email Jason at email@example.com
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