Cleaning & Restoration Breaking News

Housing Starts Fell Sharply in February

March 18, 2003
/ Print / Reprints /
/ Text Size+
WASHINGTON (Reuters) - Groundbreaking on new U.S. homes slowed sharply in February, as harsh winter weather unexpectedly pushed housing starts to their lowest level since April 2002, the government said on Tuesday.

The Commerce Department said starts tumbled 11 percent -- the largest drop since January 1994 -- to a seasonally adjusted 1.622 million unit annual rate.

While Wall Street analysts had anticipated a slowing in starts from the rapid pace of recent months, the drop was larger than they had expected. Economists polled by Reuters had forecast starts to fall to a 1.723 million unit annual rate, and permits to dip to a 1.730 million annual clip.

But in a sign the drop was largely related to severe winter weather in the month, permits for home building rose slightly and the number of homes under construction showed only a small decline. Permits gained 0.4 percent to a 1.786 million annual rate, while houses under construction at the end of the month fell 0.3 percent to a 1.052 million yearly pace.

Financial markets showed little initial reaction to the report, focusing instead on a possible war with Iraq and the Federal Reserve's policy setting meeting that began on schedule on Tuesday, despite a partial closure of the building during a police standoff with a farmer in downtown Washington.

Did you enjoy this article? Click here to subscribe to i Cleaning Specialist Magazine.

You must login or register in order to post a comment.



Image Galleries

The 2014 Experience Conference and Exhibition

A look in photos at the 2014 Experience Conference and Exhibition, which was held from April 24-26 at the Embassy Suites Convention Center and Spa in Frisco, Texas.

1/27/15 2:00 pm EST

Grow Your Business and Improve Operations with New Payment Technology

Attend this free webinar to learn how new developments in payment technology can help you close more jobs, increase upselling opportunities and improve operations.


While winter is considered the "slow season" for carpet cleaners, it can also be a season of great opportunity. In this episode of The Hitman Advertising Show, John Braun offers advice for keeping revenue consistent during the cold weather months so you're thriving - and not just surviving - the winter.
More Podcasts

ICS Cleaning Specialist Magazine


2014 Nov/Dec

The Nov/Dec ICS features content on how to get better meter readings, a roundtable on truckmount development, neighborhood marketing and more. Also included is the annual Buyer’s Guide and Directory.

Table Of Contents Subscribe

Janitorial Work

In addition to residential and commercial carpet cleaning, do you do any janitorial work on the side?
View Results Poll Archive


The Carpet Cleaner's Book of Unlimited Success! (ebook)

Don’t worry about the recession or about your competition.  Now you can be the owner of over 400 ways for carpet cleaning professionals to make more money and get more jobs!

More Products


Director_Buyer.jpgThe premier resource and reference guide for the cleaning and restoration industries.

Click here to view


facebook_40.png twitter_40px.png youtube_40px.png


Truckmount.jpgEquipment listings and specifications from the leading industry manufacturers.

Click here to view