Privately Owned Housing Starts Increase 1.9 Percent In March

Privately owned housing starts increased 1.9 percent in March to a seasonally adjusted annual rate of 1.319 million. The rate is up from 1.295 million in February and is a 10.9 percent jump from March 2017, according to the U.S. Department of Housing and Urban Development and the Commerce Department.

Multifamily housing units bounced back by 14 percent after a decline in February, climbing to a seasonally adjusted annual rate of 452,000, the highest rate since December 2016, according to the National Association of Home Builders.

Single-family housing starts saw a decline of 3.7 percent in March, falling to a rate of 867,000 from February’s rate of 900,000.

Building permits for privately owned housing units had a 2.5 percent bump to 1.35 million, up from February’s 1.32 million, with multifamily permits increasing 19 percent to 514,000. Single-family permits declined 5.5 percent to 840,000.

Housing completions fell 5.1 percent overall in March to 1.21 million, down from February’s 1.28 million.

Combined housing production increased 22.4 percent in the Midwest and 0.8 percent in the Northeast. It decreased 0.6 percent in the South and 1.5 percent in the West.