Residential Building

Residential building in February grew 5 percent to $245.7 billion (annual rate), making a partial rebound after an 8 percent decline in January. Multifamily housing registered a strong February, jumping 46 percent. There were nine multifamily projects valued in excess of $100 million that reached groundbreaking in February, led by the following – the $500 million Flushing Commons apartment complex expansion in Queens, N.Y., a $300 million apartment high-rise in New York, and the $262 million condominium portion of the Four Seasons mixed-use tower in Boston.

Single-family housing in February slipped back 7 percent, as severe winter weather in the Northeast led to 24 percent plunge for that region. Single-family declines were also reported for the South Atlantic, down 12 percent; the South Central, down 10 percent; and the Midwest, down 1 percent; while the West posted a modest 3 percent gain.

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