Wednesday, April 16, 2014

Housing Starts Rose in March

New residential construction rose in March to an annualized pace of 946,000 units. March’s rate improved 2.8% from the month prior, but was still below the pace at the end of last year. March’s gains were softer than anticipated. After a cold and harsh winter, there was an expected catch-up effect.

Single-family starts drove March’s improvement from the month prior growing to an annualized pace of 635,000 units, up 6.0% increase from the month prior and the highest level all year. However, single-family starts are still below end of 2013 levels. Multi-family starts dipped 3.1% to a pace of 311,000.

Permit issuance was mixed as well. Single family grew 0.5%, ending a 3 month decline. Multi-family dropped 6.4%, but the month prior saw double digit gains.

Despite the improvement, housing starts remain well below the long run average of 1.5 million units.

Read the Census report.

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