U.S. housing takes a dive in March
Privately‐owned housing starts drop 22.3 percent for month.
Statement Regarding COVID‐19 Impact: Due to recent events surrounding COVID‐19, many governments and businesses are operating on a limited capacity or have ceased operations completely. The Census Bureau has monitored response and data quality and determined estimates in this release meet publication standards. For more information on the compilation of this month's report, see COVID‐19 FAQs.
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 2020:
Building Permits
Privately‐owned housing units authorized by building permits in March were at a seasonally adjusted annual rate of 1,353,000. This is 6.8 percent (±1.1 percent) below the revised February rate of 1,452,000, but is 5.0 percent (±2.4 percent) above the March 2019 rate of 1,288,000.
Single‐family authorizations in March were at a rate of 884,000; this is 12.0 percent (±1.9 percent) below the revised February figure of 1,005,000. Authorizations of units in buildings with five units or more were at a rate of 423,000 in March.
Housing Starts
Privately‐owned housing starts in March were at a seasonally adjusted annual rate of 1,216,000. This is 22.3 percent (±12.2 percent) below the revised February estimate of 1,564,000, but is 1.4 percent (±12.7 percent)* above the March 2019 rate of 1,199,000.
Single‐family housing starts in March were at a rate of 856,000; this is 17.5 percent (±13.1 percent) below the revised February figure of 1,037,000. The March rate for units in buildings with five units or more was 347,000.
Housing Completions
Privately‐owned housing completions in March were at a seasonally adjusted annual rate of 1,227,000. This is 6.1 percent (±12.0 percent)* below the revised February estimate of 1,307,000 and is 9.0 percent (±12.4 percent)* below the March 2019 rate of 1,348,000.
Single‐family housing completions in March were at a rate of 863,000; this is 15.0 percent (±11.6 percent) below the revised February rate of 1,015,000. The March rate for units in buildings with five units or more was 357,000.
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