US Housing Starts Climb in March; Permits Drop

On Wednesday, the US Census Bureau reported that privately owned housing starts were at a seasonally adjusted annual rate (SAAR) of 1,502,000 in March, a 10.8% increase from February’s revised 1,356,000 and 10.8% above the March 2025 level of 1,355,000. Single-family starts were at a rate of 1,032,000, up 9.7% from February, while units in buildings with five units or more were at a rate of 446,000.

Building permits, a forward-looking measure, were at a seasonally adjusted annual rate of 1,372,000 in March, a 10.8% decline from February and 7.4% below the March 2025 level of 1,481,000. Single-family authorizations were 895,000, down 3.8% from February, while permits for units in buildings with five units or more were at 427,000.

Housing completions were at a seasonally adjusted annual rate of 1,366,000 in March, 0.1% above February’s revised 1,364,000 but 12.8% below the March 2025 level of 1,566,000. Single-family completions were 896,000, down 4.8% from February, while the rate of completions for units in buildings with five units or more was 452,000.

The Census Bureau noted that the March release also includes initial estimates for February.