Housing Starts Declined 14.7% in March, Down 4.3% YOY

Washington, DC, April 16, 2024- Privately‐owned housing starts in March were at a seasonally adjusted annual rate of 1,321,000, 14.7% below the revised February estimate of 1,549,000 and is 4.3% below the March 2023 rate of 1,380,000, according to the U.S. Census Bureau. Single‐family housing starts in March were at a rate of 1,022,000; this is 12.4% below the revised February figure of 1,167,000. The March rate for units in buildings with five units or more was 290,000.

Privately‐owned housing units authorized by building permits in March were at a seasonally adjusted annual rate of 1,458,000. This is 4.3 percent below the revised February rate of 1,523,000 but is 1.5% above the March 2023 rate of 1,437,000. Single‐family authorizations in March were at a rate of 973,000; this is 5.7% below the revised February figure of 1,032,000. Authorizations of units in buildings with five units or more were at a rate of 433,000 in March.

Privately‐owned housing completions in March were at a seasonally adjusted annual rate of 1,469,000. This is 13.5% below the revised February estimate of 1,698,000 and is 3.9% below the March 2023 rate of 1,528,000. Single‐family housing completions in March were at a rate of 947,000; this is 10.5% below the revised February rate of 1,058,000. The March rate for units in buildings with five units or more was 502,000.