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New Home Construction In Midwest off to slow start in 2014

New Home Construction in the midwest region of the U.S. is off to a slow start for 2014, according to newly released new home construction report from the U.S. Census Bureau.  According to the report, new home construction starts of single-family homes in the midwest during February  was at a seasonally-adjusted annual rate of 76,000 homes, down 19.1% from a year ago when the rate was 94,000 homes.  Building permits for single-family homes in the midwest issued during February were at a seasonally-adjusted annual rate of 88,000 homes, down 5.4% from a year ago when the rate was 93,000 homes.  The only area of increased new home construction activity in the midwest during February 2014 was that of new home completions, which were at a rate of 100,000 homes per year, an increase of 6.7% from February 2013 when completions were at a rate of 94,000 homes.

Below, you will find non-seasonally adjusted new home construction numbers for the modest for February 2014, as well as a real-time chart from the St Louis Fed showing building permit activity in the St. Louis area.

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Non-Seasonally Adjusted New Home Construction Report-Midwest Region – YTD -February 2014

  • Permits issued for new single family homes – 8,800, down 13.7% from same time last year
  • New home construction starts on single family homes – 6,000 homes, down 29.4% from same time last year
  • New home completions (single-family) – 13,500 homes, up 19.5% from same time last year
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