March Single-Family Housing Starts, Permits, and Completions All Fall Below February Levels

The U.S. Census Bureau and the U.S. Department of Housing and Urban Development jointly reported on Tuesday (4-19-22) that privately‐owned housing starts in March were at a seasonally adjusted annual rate (SAAR) of 1,793,000. This is 0.3% above the revised February estimate of 1,788,000 and is 3.9% above the March 2021 rate of 1,725,000. Single-family housing starts in March were at a rate of 1,200,000. This is -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.

Building permits are the forward-looking portion of the report. In March, privately-owned housing units authorized by building permits were at a SAAR of 1,873,000. This is 0.4% above the revised February rate of 1,865,000 and is 6.7% above the March 2021 rate of 1,755,000. Single-family authorizations in March were at a rate of 1,147,000. This is -4.8% below the revised February figure of 1,205,000. Authorizations of units in buildings with five units or more in March were at a rate of 672,000.

Privately‐owned housing completions in March were at a seasonally adjusted annual rate of 1,303,000. This is -4.5% below the revised February estimate of 1,365,000 and is -13.0% below the March 2021 rate of 1,497,000. Single‐family housing completions in March were at a rate of 1,000,000. This is -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.