Considering the existing glut of supply in the U.S. and declining prices, builders have found little financial motivation to add new product.
Home construction was down 22.5% last month to an annual rate of 479,000 units with declines in all regions of the country, figures showed.
The February total was just 0.4% above the record low of 477,000 units of April 2009.
Building permits dropped 8.2% to a seasonally adjusted annual rate of 517,000 in February.
Building permits for single family homes fell 9.3% to a 382,000 rate.
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