Urethane Blog

Housing Starts Update

March 31, 2023

United States Housing Starts

February 2023 Data – 1959-2022 Historical

Housing starts in the US surged 9.8% from a month earlier to a seasonally adjusted annualized rate of 1.45 million in February of 2023, the highest in five months, and way above market forecasts of 1.31 million, in a sign that some confidence may have returned to the housing market, although mortgage rates and inflation remain elevated. Single-family housing starts were up 1.1% to 830 thousand and starts for units in buildings with five units or more surged 24.1% to 608 thousand, the highest since April last year. Starts soared in the Midwest (70.3% to 201 thousand), the West (16.8% to 347 thousand), and the South (2.2% to 796 thousand) but fell in the Northeast (-16.5% to 106 thousand). Compared to February 2022 however, housing starts were 18.4% lower. In January, housing starts were revised higher to 1.321 million from an early estimate of 1.309 million, but remaining the lowest since June of 2020. source: U.S. Census Bureau

United States Housing Starts