Housing Starts Declined 0.8% in March

Washington, DC, April 18, 2023-Privately‐owned housing starts in March were at a seasonally adjusted annual rate of 1,420,000, 0.8% below the revised February estimate of 1,432,000 and 17.2% below the March 2022 rate of 1,716,000, the U.S. Census Bureau and the U.S. Department of Housing and Urban Development jointly announced. Single‐family housing starts in March were at a rate of 861,000; this is 2.7% above the revised February figure of 838,000. The March rate for units in buildings with five units or more was 542,000.

Privately‐owned housing units authorized by building permits in March were at a seasonally adjusted annual rate of 1,413,000. This is 8.8% below the revised February rate of 1,550,000 and is 24.8% below the March 2022 rate of 1,879,000. Single‐family authorizations in March were at a rate of 818,000; this is 4.1% above the revised February figure of 786,000. Authorizations of units in buildings with five units or more were at a rate of 543,000 in March.

Privately‐owned housing completions in March were at a seasonally adjusted annual rate of 1,542,000. This is 0.6% below the revised February estimate of 1,552,000, but is 12.9% above the March 2022 rate of 1,366,000. Single‐family housing completions in March were at a rate of 1,050,000; this is 2.4% above the revised February rate of 1,025,000. The March rate for units in buildings with five units or more was 484,000.