Total construction starts grew 12.8% to a seasonally adjusted annual rate of $1.22 trillion in March, while residential building starts rose 2.6% to a seasonally adjusted annual rate of $385 billion, according to Dodge Construction Network.
Year-over-year total construction starts were down 0.5%, and residential starts were down 7.2% from the same time last year.
Single-family starts were down 5.3% from February to March, while multifamily starts were up 15.3%. Year-over-year, single-family starts were down 14.1% and multifamily starts were up 6.1%.
Read the full report here.
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