February housing starts declined 7.0% to 1.236 million, lower than the 12.85 million forecast, after bouncing 10.1% to 1.329 million in January (revised from 1.326 million). Weakness was in the multifamily sector, which dropped 26.1%, which counters the January surge of 25.6% (revised from 23.7%). Single family sales rose 2.9%% after the prior 3.5% increase (revised from 3.7%). Regionally, starts declined in 3 of the 4 regions, with the Midwest the exception. February building permits slid 5.7% to 1.298 million versus 1.322 million consensus, from a revised 5.9% increase to 1.377 million (was 1.396 million).
