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Thursday, May 21, 2020
HomeNewsEconomyNew Residential Construction: Housing Starts Fall 22.3% in March

New Residential Construction: Housing Starts Fall 22.3% in March

Builder confidence and residential construction, hew homes, housing starts, building permits, depicted on blueprints. (Photo: AdobeStock)

Building Permits Down 6.8%, Housing Completions

Washington, D.C. (PPD) — New residential construction statistics for housing starts and building permits declined more than expected in March amid efforts to mitigate the coronavirus (COVID-19).

Builder confidence and residential construction, hew homes, housing starts, building permits, depicted on blueprints. (Photo: AdobeStock)
Builder confidence and residential construction, hew homes, housing starts, building permits, depicted on blueprints. (Photo: AdobeStock)

The new residential construction statistics report below is released jointly by the U.S. Census Bureau and the U.S. Department of Housing and Urban Development (HUD).

Housing Starts

Privately‐owned housing starts in March were at a seasonally adjusted annual rate of 1,216,000. This is 22.3% (±12.2%) below the revised February estimate of 1,564,000, but is 1.4% (±12.7%) above the March 2019 rate of 1,199,000.

Single‐family housing starts in March were at a rate of 856,000; this is 17.5% (±13.1%) below the revised February figure of 1,037,000. The March rate for units in buildings with five units or more was 347,000.

Building Permits

Privately‐owned housing units authorized by building permits in March were at a seasonally adjusted annual rate of 1,353,000. This is 6.8% (±1.1%) below the revised February rate of 1,452,000, but is 5.0% (±2.4%) above the
March 2019 rate of 1,288,000.

Single‐family authorizations in March were at a rate of 884,000; this is 12.0% (±1.9%) below the revised February figure of 1,005,000. Authorizations of units in buildings with five units or more were at a
rate of 423,000 in March.

Housing Completions

Privately‐owned housing completions in March were at a seasonally adjusted annual rate of 1,227,000. This is 6.1% (±12.0%) below the revised February estimate of 1,307,000 and is 9.0% (±12.4%) below the March 2019
rate of 1,348,000.

Single‐family housing completions in March were at a rate of 863,000; this is 15.0% (±11.6%) below the revised February rate of 1,015,000. The March rate for units in buildings with five units or more was 357,000.

Written by
Staff Writing Group

PPD Business, the economy-reporting arm of People's Pundit Daily, is "making sense of current events." We are a no-holds barred, news reporting pundit of, by, and for the people.

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