Severe weather across the country caused a big 17 percent decline in Housing Starts in February, as Builders broke ground on just 897,000 units. This was well below the 1.040 million units expected, and also the lowest level since January 2014. Starts on single-family units fell nearly 15 percent, while multi-family units declined 21 percent. February's reading was also 3.3 percent lower than a year ago.

A bright spot in the report saw Building Permits, a sign of future construction, up 3 percent in February from January to 1.092 million units. This is a good sign that the setback in Housing Starts is temporary due to the weather. It will be important to see if these housing numbers improve as the weather begins to warm.