Housing starts in the USA are at the peak of 16 years!

The US Department of Commerce has released housing starts and building permits statistics for February.

Accordingly, housing starts increased by 6.8 percent compared to the previous month and rose to 1 million 769 thousand in February.

Housing starts, which surpassed market expectations, were projected to be 1 million 690 thousand.

Housing starts, which recorded the highest level since June 2006, were 1 million 657 thousand in January.

Housing starts in the country rose 22.3 percent year-on-year in February.

Building permits down
Construction permits, on the other hand, decreased by 1.9 percent on a monthly basis in February, to 1 million 859 thousand.

Despite the decline in this period, the construction permits, which were above the market expectations, were expected to be 1 million 850 thousand. Construction permits were recorded at the level of 1 million 895 thousand in January.

Building permits in the US rose 7.7 percent year-on-year in February.

Analysts said that the increase in housing starts points to the recovery in construction activity in the country. He stated that it is struggling to meet demand due to supply chain difficulties, high commodity prices and a lack of skilled labor.