New Residential Construction Permits Up Slightly in March

Privately‐owned housing units authorized by building permits last month approximately 1.87,000, 0.4% above the revised February rate.
March New Residential Construction Rises

The U.S. Census Bureau reported that privately‐owned housing units authorized by building permits in March were at a seasonally adjusted annual rate of 1,873,000 — 0.4% above the revised February rate of 1,865,000 and 6.7% above the March 2021 rate of 1,755,000.

But single‐family authorizations last month were at a rate of 1,147,000, 4.8% below the revised February figure of 1,205,000. Authorizations of units in buildings with five units or more were at a rate of 672,000 in March, the bureau said.

Privately‐owned housing starts in March were at a seasonally adjusted annual rate of 1,793,000. This is 0.3% above the revised February estimate of 1,788,000 and 3.9% above the March 2021 rate of 1,725,000.

Single‐family housing starts last month were at a rate of 1,200,000, 1.7% below the revised February figure of 1,221,000. The March rate for units in buildings with five units or more was 574,000, the bureau said.

Privately‐owned housing completions in March were at a seasonally adjusted annual rate of 1,303,000, 4.5% below the revised February estimate of 1,365,000 and is 13% below the March 2021 rate of 1,497,000.

Single‐family housing completions last month were at a rate of 1,000,000, 6.4% below the revised February rate of 1,068,000. The March rate for units in buildings with five units or more was 292,000, according to the data.

 

 

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