Housing Starts Decline in March
Total housing starts fell 0.3% in March to a seasonally adjusted annual rate of 1.14 million units from a downwardly revised reading in February, according to a report from the U.S. Housing and Urban Development and Commerce Department. The report was delayed due to the partial government shutdown earlier this year. The March reading of 1.14 million is the number of housing units builders would begin construction if they kept this pace for the next 12 months. Within this overall number:
- Single-family starts fell 0.4% to 785,000 units.
- Multifamily starts remained flat at 354,000.
- Single-family permits fell 1.1% to an annualized pace of 808,000.
- Multifamily permits dropped 2.7% to an annual rate of 461,000.