US Housing Starts and Completions Decline in March; Permits Edge Up

On Thursday, the US Census Bureau reported that privately‐owned housing starts in March were at a seasonally adjusted annual rate of 1,324,000. This is 11.4% below the revised February estimate of 1,494,000 but 1.9% above the March 2024 rate of 1,299,000. Single-family housing starts were at a rate of 940,000; this is 14.2% below the revised February figure of 1,096,000. The rate for units in buildings with five units or more was 371,000.

Building permits are the forward-looking portion of the report. In March, permits were at a seasonally adjusted annual rate of 1,482,000. This is 1.6% above the revised February rate of 1,459,000 but 0.2% below the March 2024 rate of 1,485,000. Single-family authorizations were at a rate of 978,000; this is 2.0% below the revised February figure of 998,000. The rate for units in buildings with five units or more was 445,000.

Privately‐owned housing completions were at a seasonally adjusted annual rate of 1,549,000 in March. This is 2.1% below the revised February estimate of 1,582,000 but 3.9% above the March 2024 rate of 1,491,000. Single-family housing completions were at a rate of 1,029,000; this is 0.9% above the revised February rate of 1,020,000. The rate for units in buildings with five units or more was 503,000.