Multifamily Sinks 18.3%
Coming off a good January, housing permits fell 5.5% in February. Multifamily permits fell 18.3% for the month, following a 14.4% rise the prior month. Permits for projects with 5 units or more have averaged a 463,000 unit annual rate over the past three months, which is 15.6% below the pace of starts. By contrast, single-family permits have averaged a 973,000-unit pace, which is 6.9% below the pace of starts.