MW: Housing starts dip in February, permits up 7.7%
By Jeffry Bartash
WASHINGTON (MarketWatch) - Construction on new U.S. homes fell slightly in February, but builders filed more permits to start new projects in the coming months, mainly multi-dwelling units such and condos and apartments, the Commerce Department reported Tuesday. Housing starts dipped 0.2% to an annual rate of 907,000 last month from an upwardly revised 909,000 in January. Permits, a sign of future demand for housing, rose 7.7% to an annual rate of 1.02 million, the highest level since October. Permits for multi-dwelling units - a volatile segment - jumped 24.3%. Yet permits for single-family homes, which usually account for three-quarters of the housing market, fell 1.8%. Economists surveyed by MarketWatch had expected starts to climb to an annual rate of 908,000 on a seasonally adjusted basis. Housing starts in January were revised up from an original read of 880,000.
