Residential Construction Leaps Ahead in March
Private housing starts trend 46.7 pecent ahead of last year.
The U.S. Census Bureau and the Department of Housing and Urban Development jointly announced the following new residential construction statistics for March 2013:
BUILDING PERMITS
Privately-owned housing units authorized by building permits in March were at a seasonally adjusted annual rate of 902,000. This is 3.9 percent (±0.9%) below the revised February rate of 939,000, but is 17.3 percent (±1.4%) above the March 2012 estimate of 769,000.
Single-family authorizations in March were at a rate of 595,000; this is 0.5 percent (±0.7%)* below the revised February figure of 598,000. Authorizations of units in buildings with five units or more were at a rate of 283,000 in March.
HOUSING STARTS
Privately-owned housing starts in March were at a seasonally adjusted annual rate of 1,036,000. This is 7.0 percent (±11.8%)* above the revised February estimate of 968,000 and is 46.7 percent (±13.9%) above the March 2012 rate of 706,000.
Single-family housing starts in March were at a rate of 619,000; this is 4.8 percent (±10.8%)* below the revised February figure of 650,000. The March rate for units in buildings with five units or more was 392,000.
HOUSING COMPLETIONS
Privately-owned housing completions in March were at a seasonally adjusted annual rate of 800,000. This is 11.0 percent (±20.6%)* above the revised February estimate of 721,000 and is 36.3 percent (±23.3%) above the March 2012 rate of 587,000.
Single-family housing completions in March were at a rate of 593,000; this is 2.6 percent (±13.1%)* above the revised February rate of 578,000. The March rate for units in buildings with five units or more was 202,000.
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