Housing Starts Fall 11.9% From February

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April 16, 2008

Housing Starts Fall 11.9% From February

Privately-owned housing starts in March were at a seasonally adjusted annual rate of 947,000. This is 11.9% below the revised February estimate and 36.5% below the March 2007 rate, according to the U.S. Census Bureau and the Department of Housing and Urban Development.

Single-family housing starts in March were at a rate of 680,000; this is 5.7 percent below the February figure of 721,000. The March rate for units in buildings with five units or more was 247,000.

Year-to-Date Percent Change

	U.S.	Northeast	Midwest	South	West
Housing Starts	-30.2	-23.5	-26.5	-30.0	-34.6
Permits	-37.3	-33.1	-39.4	-32.6	-47.2

March 2007 to March 2008 Percent Change

	U.S.	Northeast	Midwest	South	West
Housing Starts	-36.5	-24.8	-46.5	-34.8	-38.0
Permits	-40.9	-34.9	-48.1	-33.5	-52.8

Building Permits
Privately-owned housing units authorized by building permits in March were at a seasonally adjusted annual rate of 927,000. This is 5.8 percent below the revised February rate of 984,000 and is 40.9% below the revised March 2007 estimate of 1,569,000.

Single-family authorizations in March were at a rate of 606,000; this is 6.2% below the February figure of 646,000. Authorizations of units in buildings with five units or more were at a rate of 286,000 in March.

Housing Completions

Privately-owned housing completions in March were at a seasonally adjusted annual rate of 1,216,000. This is 2.7 percent below the revised February estimate of 1,250,000 and is 24.5 percent below the revised March 2007 rate of 1,610,000. Single-family housing completions in March were at a rate of 944,000; this is 3.3 percent above the February figure of 914,000. The March rate for units in buildings with five units or more was 258,000.

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