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In The News:

March Housing Starts Fall 10.8% From February

Privately-owned housing starts in March were at a seasonally adjusted annual rate of 510,000, 10.8% below the revised February estimate of 572,000 and 48.4% below the March 2008 rate of 988,000, 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 358,000; this is unchanged from February. The March rate for units in buildings with five units or more was 116,000.
 
By region, housing starts in the Northeast were down 41.7% from March 2008; in the Midwest, they were down 24.4%. Starts dropped 48% in the South, and the West experienced a decrease of 67.3%.
 
Permits
Privately-owned housing units authorized by building permits in March were at a seasonally adjusted annual rate of 513,000, 9% below the revised February rate of 564,000 and 45% below the March 2008 estimate of 932,000.
 
Single-family authorizations in March were at a rate of 361,000, 7.4% below February. Authorizations of units in buildings with five units or more were at a rate of 132,000 in March.
 
Housing Completions
Privately-owned housing completions in March were at a seasonally adjusted annual rate of 824,000 3.5% above the revised February, but 30.9% below the March 2008 rate.
 
Single-family housing completions in March were at a rate of 550,000, up 5% from the revised February figure of 524,000. The March rate for units in buildings with five units or more was 263,000.

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