March Housing Starts Fell 8.8% from February, but Up 14.2% YOY

Washington, DC, April 19, 2016— Privately-owned housing starts in March were at a seasonally adjusted annual rate of 1,089,000, 8.8% below the revised February estimate of 1,194,000 but 14.2% above the March 2015 rate of 954,000, the U.S. Census Bureau and the Department of Housing and Urban Development jointly announced.

Single-family housing starts in March were at a rate of 764,000; this is 9.2% below the revised February figure of 841,000. The March rate for units in buildings with five units or more was 312,000.

Privately-owned housing units authorized by building permits in March were at a seasonally adjusted annual rate of 1,086,000. This is 7.7% below the revised February rate of 1,177,000, but is 4.6% above the March 2015 estimate of 1,038,000.

Single-family authorizations in March were at a rate of 727,000; this is 1.2% below the revised February figure of 736,000. Authorizations of units in buildings with five units or more were at a rate of 324,000 in March.

Privately-owned housing completions in March were at a seasonally adjusted annual rate of 1,061,000. This is 3.5% above the revised February estimate of 1,025,000 and is 31.6% above the March 2015 rate of 806,000.

Single-family housing completions in March were at a rate of 734,000; this is 0.3% below the revised February rate of 736,000. The March rate for units in buildings with five units or more was 316,000.