Housing starts rise in March
Led by multi-family development, housing starts rose 1.9% in March to a seasonally adjusted annual rate of 1.319 million units from a revised February estimate of 1.295 million units, the Commerce Department reported today.
Housing starts are 10.9% above the 2017 rate of 1.189 million units. But single-family starts in March fell 3.7% to a rate of 867,000 from the revised February figure of 900,000.
Privately-owned housing units authorized by building permits in March were at a seasonally adjusted annual rate of 1.354 million – a 2.5% increase from revised February rate of 1.321 million and 7.5% rise above the March 2017 rate of 1.26 million units.
Permits for single-family construction fell 5.5% in March to 840,000 from the revised February figure of 889,000 units.
Regionally, housing starts surged 22.4% in the Midwest and increased 0.8% in the East. Starts fell 0.6% in the South and 1.5% in the West, however.
Single-family unit starts increased 37.7% in the Midwest but decreased by 9.4% in the East, 9.8% in the South, and 8.1% in the West.
Housing starts are 10.9% above the 2017 rate of 1.189 million units. But single-family starts in March fell 3.7% to a rate of 867,000 from the revised February figure of 900,000.
Privately-owned housing units authorized by building permits in March were at a seasonally adjusted annual rate of 1.354 million – a 2.5% increase from revised February rate of 1.321 million and 7.5% rise above the March 2017 rate of 1.26 million units.Permits for single-family construction fell 5.5% in March to 840,000 from the revised February figure of 889,000 units.
Regionally, housing starts surged 22.4% in the Midwest and increased 0.8% in the East. Starts fell 0.6% in the South and 1.5% in the West, however.
Single-family unit starts increased 37.7% in the Midwest but decreased by 9.4% in the East, 9.8% in the South, and 8.1% in the West.