The U.S. Census Bureau and the Department of Housing and Urban Development have recently announced new residential construction statistics for March 2015. According to the data, building permits for privately-owned housing units in March were at a seasonally adjusted annual rate of 1,039,000, down 5.7 percent from the revised February rate of 1,102,000. However, the rate is up 2.9 percent from the March 2014 rate of 1,010,000. Building permits for single-family housing in March were estimated at 636,000, up 2.1 percent from the revised February rate of 623,000. Building permits for units in buildings with five units or more in March were at a rate of 378,000.
In March, privately-owned housing starts were at an adjusted rate of 926,000, up 2.0 percent from February’s revised estimate of 908,000, but down 2.5 percent from the March 2014 rate of 950,000. Single-family housing starts were at a rate of 618,000 in March, up 4.4 percent from the revised February rate of 592,000. For units in buildings with five units or more, the March rate was 287,000.
As for housing completions, the March rate for privately-owned housing was at a seasonally adjusted annual estimate of 823,000, dropping 3.9 percent from February’s revised rate of 856,000, as well as a 5.8 percent drop from the March 2014 estimate of 874,000. Single-family housing completions were at a rate of 602,000 for March, putting it 0.8 percent above February’s revised rate of 597,000. The housing completion rate for units in buildings with five units or more was at 211,000 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 2015.