U.S. Housing Starts & Permits Move Higher in March

The U.S. Census Bureau has reported that privately‐owned housing starts in March were at a seasonally adjusted annual rate (SAAR) of 1,739,000. This is 19.4% above the revised February estimate of 1,457,000 and is 37.0% above the March 2020 rate. Single-family housing starts in March were at a rate of 1,238,000; and this is 15.3% above the revised February figure of 1,074,000. The March rate for units in buildings with five units or more was 477,000. Building Permits are the forward-looking portion of the report and in March privately-owned housing units authorized by building permits were at a SAAR of 1,766,000. This is 2.7% above the revised February rate of 11,720,000 and is 30.2% above the March 2020 rate. Single-family authorizations in March were at a rate of 1,199,000; this is 4.6% above the February figure of 1,146,000. Authorizations of units in buildings with five units or more were at a rate of 508,000 in March. Privately-owned housing completions in March were at a seasonally adjusted annual rate of 1,580,000. This is 16.6% above the revised February estimate of 1,355,000 and is 23.4 % above the March 2020 rate of 1,280,000. Single-family housing completions in March were at a rate of 1,099,000; this is 5.3% above the revised February rate of 1,044,000. The March rate for units in buildings with five units or more was 476,000.