March Starts And Permits Slip

Census Bureau and the U.S. Department of Housing and Urban Development jointly announced the following new residential construction statistics for March 2019:

Housing starts in March fell 0.3% from February to a seasonally adjusted annual rate of 1,139,000, 14.2% behind the March 2018 rate of 1,327,000, the Census Bureau and the Department of Housing and Urban Development jointly announced Friday.

Single‐family housing starts in March were at a rate of 785,000; 0.4% below the revised February figure of 788,000 and 11% behind a year earlier. The March rate for units in buildings with five units or more was 337,000, down 3.4% sequentially and 21.8% year-over-year.

Building permits in March were at a seasonally adjusted annual rate of 1,269,000, 1.7% below the revised February rate of 1,291,000 and 7.8% below March 2018. Single‐family authorizations in March were at a rate of 808,000, 1.1% below the revised February figure of 817,000. Authorizations of units in buildings with five units or more were at a rate of 425,000 in March, down 2.7% from February and 10% from a year earlier.

Housing completions in March were at a seasonally adjusted annual rate of 1,313,000, 1.9% below the revised February estimate of 1,338,000 but 6.8% above the March 2018 rate of 1,229,000. Single‐family housing completions in March were at a rate of 938,000; 11.9% above the revised February rate of 838,000. The March rate for units in buildings with five units or more was 364,000, down 25.1% from February but up 2.2% from a year earlier.

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