Privately-owned housing starts in March were at a seasonally adjusted annual rate of 1.09 million, 8.8 percent below the February estimate of 1.94 million but 14.2 percent higher than the March 2015 rate of 954,000, according to the U.S. Census Bureau.
"Starts are up at a double-digit rate from a year ago and builders remain fairly optimistic that more consumers will return to the housing market in the months ahead," said National Association of Home Builders Chairman Ed Brady in a statement.
Single-family housing starts in March were at a rate of 764,000, a 9.2 percent decrease from the February figure of 841,000.
"Single-family starts are off from their strong showing in February, but this slowdown represents a return to a long-run, gradual growth trend that is consistent with builder confidence levels, which are overall positive," said NAHB Chief Economist Robert Dietz.
Total starts decreased in three of four regions in March: 25.4 percent in the Midwest; 15.7 percent in the West; and 8.4 percent in the South. The Northeast reported a 61.3 percent gain.
Privately-owned housing units authorized by building permits in March were at a seasonally adjusted annual rate of 1.09 million, a 7.7 percent decline compared with the February rate of 1.17 million.
