Residential housing starts in the US increased 22.2% between January and February of 2009, the first increase in housing starts in eight months. Trumping economists’ projections of 450,000 new starts, the adjusted annual rate of construction in February blossomed to 583,000, no doubt the result of plummeting construction costs.

first tuesday take: Though the housing starts in the nation have increased, the outlook for California is less optimistic. Residential housing starts have decreased 53.1% between December 2008 and January 2009, and down 54.8% between January 2008 and January 2009. With double-digit declines in housing starts in all major regions of the state, it is clear California isn’t out of the woods quite yet.

UPDATE:  For a first tuesday report on housing starts in California, see “CA single- and multi-family housing starts”

Re: “US housing starts show surprise surge” from the Financial Times

Here’s the link: http://www.ft.com/cms/s/0/b50c2ea2-12ee-11de-94bc-0000779fd2ac.html

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