Single-family Construction Stats Rose Slightly in March

Single-family Construction Stats Rose Slightly in March

Residential construction data for March didn’t come close to matching February’s performance, but the rate of housing starts held its own. The good news was an uptick in single-family numbers. The U.S. Census Bureau and the Department of Housing and Urban Development reported that permits for residential construction were issued at a seasonally adjusted annual rate of 1.413 million units. This was a decline of 8.8 percent from the prior month and 24.8 percent below the pace the previous March . The 13.8 percent surge in February permitting more than held, revised up to 1.550 million from 1.524 million annual units. Single-family permits, at a rate of 818,000 units, represented an increase of 4.1 percent from February while remaining down 29.7 percent year-over-year. Multifamily p