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Building permits fell 1.2% in February and 6.8% over the year. Permits for single-family homes in February slipped 0.2% from January and declined 3.4% over the year. Meanwhile, permits for buildings with five or more units fell 4.3% from January and 15.7% over the year.

In February, housing starts surged 11.2% from January but fell 2.9% from February 2024. Similarly, starts for single-family homes soared 11.4% from January but declined 2.3% from February 2024. Meanwhile, starts for buildings with five or more units improved 12.1% from January but fell 6.6% over the year.

Meanwhile, housing completions decreased 4.0% over the month and 6.2% over the year. On the other hand, single-family home completions grew 7.1% from January but slipped 1.0% from February 2024. Completions for buildings with five or more units plummeted 20.7% over the month and 15.8% from one year ago.