Tuesday, April 17, 2012

Housing Starts Fell in March

Housing starts declined 5.8% in March, marking the second consecutive month of declines. Housing starts fell to a seasonal rate of 654,000 units. The pace of construction is now at its lowest level since October. Despite the fall in starts, housing permits continue to grow at strong levels, rising 4.5% in March.

March’s decline in housing starts was led almost entirely by a decline in multi-family construction, which fell 16.9% over the month. Single family starts were down a small 0.2%. Multi-family starts have been particularly volatile in recent months, growing by as much as 40% and falling by as much as 17%.

Completions grew by 4.2% to a seasonal pace of 600,000 units, its most rapid pace since September.

Read the report.

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