Single-family housing starts continued on a downward trajectory in February, posting a 6.7 percent decline to a seasonally adjusted annual rate of 707,000 units, according to figures released by the U.S. Commerce Department. Meanwhile, production in the more volatile multifamily sector registered a 14.4 percent gain to 358,000 units, limiting the decline in total housing starts to a rate of 1.065 million units — 0.6 percent below the revised January pace.

“Builders continue to scale back production of single-family homes in an effort to contain inventories amidst ongoing problems in the mortgage finance arena and other challenges that are keeping many potential buyers on the fence,” said NAHB President Sandy Dunn, a home builder from Point Pleasant, W.Va. “We’re doing what we can to restore balance to the supply-demand equation, but we need the Federal Reserve, Congress and the Administration to take immediate action on several fronts if there’s any hope of rebuilding consumer confidence and jump-starting the economy.”

You have reached this page because you attempted to view material that is only available to on-line subscribers. If you are already an on-line subscriber, please log in using the login box on the right. If you still cannot access the rest of this site, please email or call our customer service department:

US Toll Free: (866) 505-7173
International: (847) 763-9504
Email: custserv@newsletter.penton.com

If you are interested in being an online subscriber, please check out our Subscription page (or the tab above right).

Thank-you from the staff of Electrical Marketing.