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Housing Starts Rose Less Than Expected in March

The rate of permitting for construction of single family
housing and residential construction completions were both down in March, Housing
starts did rise slightly.

The Census Bureau and the Department of Housing and Urban
Development reported that permits for privately owned housing were at a
seasonally adjusted annual rate of 1,039,000 in March, a 5.7 percent drop from
the February rate of 1,102,000 (revised from an original estimate of 1,092,000)
 The March number was an increase of 2.9
percent from 1,010,000 a year earlier.

Single-family permits were issued at a rate of 636,000 units
compared to 623,000 units the previous month. 
This was a gain of 2.1 percent for the month and an annual increase of
4.1 percent.  Authorizations for
construction of units in buildings of five or more units fell 16.0 percent to 378,000
and were down 1.6 percent from the previous March.

 

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