U.S. Housing Production Softens in March
Multifamily permits and starts are bright spots, up 0.4 and 0.3 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 2022:
Building Permits
Privately‐owned housing units authorized by building permits in March were at a seasonally adjusted annual rate of 1,873,000. This is 0.4 percent above the revised February rate of 1,865,000 and is 6.7 percent above the March 2021 rate of 1,755,000.
Single‐family authorizations in March were at a rate of 1,147,000; this is 4.8 percent below the revised February figure of 1,205,000. Authorizations of units in buildings with five units or more were at a rate of 672,000 in March.
Housing Starts
Privately‐owned housing starts in March were at a seasonally adjusted annual rate of 1,793,000. This is 0.3 percent (±12.3 percent)* above the revised February estimate of 1,788,000 and is 3.9 percent (±8.9 percent)* above the March 2021 rate of 1,725,000.
Single‐family housing starts in March were at a rate of 1,200,000; this is 1.7 percent (±12.3 percent)* below the revised February figure of 1,221,000. The March rate for units in buildings with five units or more was 574,000.
Housing Completions
Privately‐owned housing completions in March were at a seasonally adjusted annual rate of 1,303,000. This is 4.5 percent (±11.3 percent)* below the revised February estimate of 1,365,000 and is 13.0 percent (±9.8 percent) below the March 2021 rate of 1,497,000.
Single‐family housing completions in March were at a rate of 1,000,000; this is 6.4 percent (±10.7 percent)* below the revised February rate of 1,068,000. The March rate for units in buildings with five units or more was 292,000.
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