Housing starts plummet in February   

Housing starts plunged to 479 thousand in February (seasonally adjusted annual rate) with single unit structures totaling only 375 thousand. Total starts nearly reached a new low for the last 50+ years almost matching the low mark of 477k from April of 2009. Single unit starts were also only slightly above all-time lows. The decline from January to February was a staggering 22.5% for total starts. Housing starts remain far below the average of just over 1.5 million per year over the last 40+ years, and even farther below the 2.2 million peak of the most recent housing boom. Total starts have been under 1 million (SAAR) for 32 straight months, averaging only 605k during this stretch. Since 1968, the U.S. population has grown from 200 million to over 300 million. Low housing starts not only impact transportation demand for building products but also for appliances, furniture, and other related items. The vertical bars represent recessions.