From the Census Bureau: Permits, Starts and Completions
Privately-owned housing starts in March were at a seasonally adjusted annual rate of 1,089,000. This is 8.8 percent below the revised February estimate of 1,194,000, but is 14.2 percent above the March 2015 rate of 954,000.
Single-family housing starts in March were at a rate of 764,000; this is 9.2 percent below the revised February figure of 841,000. The March rate for units in buildings with five units or more was 312,000.
Privately-owned housing units authorized by building permits in March were at a seasonally adjusted annual rate of 1,086,000. This is 7.7 percent below the revised February rate of 1,177,000, but is 4.6 percent above the March 2015 estimate of 1,038,000.
Single-family authorizations in March were at a rate of 727,000; this is 1.2 percent below the revised February figure of 736,000. Authorizations of units in buildings with five units or more were at a rate of 324,000 in March.
The first graph shows single and multi-family housing starts for the last several years.
Multi-family starts (red, 2+ units) decreased in March compared to February. Multi-family starts are down 2% year-over-year.
Single-family starts (blue) decreased in March, but are up 23% year-over-year.
The second graph shows the huge collapse following the housing bubble, and then – after moving sideways for a couple of years – housing is now recovering (but still historically low),
Total housing starts in March were below expectations, however combined starts for January and February were revised up. I’ll have more later …