New housing starts took a dive in February, hit by the same cold and snow that stifled communities and economies in large portions of the country.
Groundbreaking for new homes dropped 17%, for an average of 897,000 units. That works out to a drop of 3.3% from last year, and the lowest level of new starts since January of 2004.
Areas of the northeast took the biggest hit. Single-family homes, which make up two-thirds of the market, fell a record 56.5%. For the nation, starts were down 14.9% in February.
The Fed begins two-days of meetings Tuesday, and there were rumblings of a coming rise to the interest rate. But these latest numbers may push back that plan.
More about the slow housing starts report from the Commerce Department on IndustryWeek.
IndustryWeek is an NED companion site with Penton’s Manufacturing and Supply Chain Group.