Housing Starts Peak in February

WASHINGTON D.C. ?EUR??,,????'??+ The Commerce Department reported Wednesday that construction of new homes and apartments rose by 0.5 percent to a seasonally adjusted annual rate of 2.195 million units in February, the fastest pace in 21 years. ?EUR??,,????'??Builders are reporting that there is still plenty of traffic in their sales offices,?EUR??,,????'?? said Dave Wilson, president of the National Association of Home Builders (NAHB). ?EUR??,,????'??Mortgage rates, employment, household income and other favorable market conditions continue to drive demand.?EUR??,,????'?? In addition, February?EUR??,,????'???s privately-owned housing units authorized by building permits were at a rate of 1.62 million units, 1.2 percent below the January figure of 1.64 million. Authorizations of units in buildings with five units or more were at a rate of 364,000 in February. Privately-owned housing completions in February were at a seasonally adjusted rate of 1.86 million units, 1.5 percent below the revised January estimate of 1.896 million, but eight percent above the February 2004 rate of 1.729 million. Single-family housing completions in February 2005 were at a rate of 1.569 million, 0.8 percent below the January figure of 1.581 million. The February rate for units in buildings with five units or more was 248,000. ?EUR??,,????'??Homeownership continues to plow ahead,?EUR??,,????'?? said NAHB Chief Economist David Seiders. ?EUR??,,????'??Builders are reacting to strong demand in the single-family home and condominium markets, both of which continue to cry out for supply. Stronger job prospects also are fueling the rental market.?EUR??,,????'??