The U.S. Census Bureau and the Department of Housing and Urban Development have recently announced new residential construction statistics for March 2014. According to the data, building permits for privately-owned housing units in March were at a seasonally adjusted annual rate of 990,000, down 2.4 percent from the revised February rate of 1,014,000. However, the rate is up 11.2 percent from the March 2013 rate of 890,000. Building permits for single-family housing in March were estimated at 592,000, up 0.5 percent from the revised February rate of 589,000. Building permits for units in buildings with five units or more in March were at a rate of 370,000.
In March, privately-owned housing starts were at an adjusted rate of 946,000, up 2.8 percent from February’s revised estimate of 920,000 and down 5.9 percent from the March 2013 rate of 1,005,000. Single-family housing starts were at a rate of 635,000 in March, up 6.0 percent from the revised February rate of 599,000. For units in buildings with five units or more, the March rate was 292,000.
As for housing completions, the March rate for privately-owned housing was at a seasonally adjusted annual estimate of 872,000, dropping a slight 0.2 percent from February’s revised rate of 874,000, but up 7.7 percent from the March 2013 estimate of 810,000. Single-family housing completions were at a rate of 602,000 for March, putting it 3.8 percent below February’s revised rate of 626,000. The housing completion rate for units in buildings with five units or more was at 258,000 in March.
For more information, click here to read the full U.S. Census Bureau/U.S. Department of Housing & Urban Development Press Release for March 2014.