U.S. housing completions rise 3.2 percent in March
But land and labor shortages crunch starts down 6.8 percent for month.
The U.S. Census Bureau and the U.S. Department of Housing and Urban Development jointly announced the following new residential construction statistics for March 2017:
Building Permits
Privately-owned housing units authorized by building permits in March were at a seasonally adjusted annual rate of 1,260,000. This is 3.6 percent (±2.8 percent) above the revised February rate of 1,216,000 and is 17.0 percent (±1.2 percent) above the March 2016 rate of 1,077,000.
Single-family authorizations in March were at a rate of 823,000; this is 1.1 percent (±1.9 percent)* below the revised February figure of 832,000. Authorizations of units in buildings with five units or more were at a rate of 401,000 in March.
Housing Starts
Privately-owned housing starts in March were at a seasonally adjusted annual rate of 1,215,000. This is 6.8 percent (±12.5 percent)* below the revised February estimate of 1,303,000, but is 9.2 percent (±9.1 percent) above the March 2016 rate of 1,113,000.
Single-family housing starts in March were at a rate of 821,000; this is 6.2 percent (±10.0 percent)* below the revised February figure of 875,000. The March rate for units in buildings with five units or more was 385,000.
Housing Completions
Privately-owned housing completions in March were at a seasonally adjusted annual rate of 1,205,000. This is 3.2 percent (±13.5 percent)* above the revised February estimate of 1,168,000 and is 13.4 percent (±16.2 percent)* above the March 2016 rate of 1,063,000.
Single-family housing completions in March were at a rate of 819,000; this is 7.9 percent (±12.9 percent)* above the revised February rate of 759,000. The March rate for units in buildings with five units or more was 374,000.
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