Privately-Owned Housing Permits Take 8.8 Percent Hit in March
However, single-family permits, starts and completions all rise for the 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 2023:
Building Permits
Privately‐owned housing units authorized by building permits in March were at a seasonally adjusted annual rate of 1,413,000. This is 8.8 percent below the revised February rate of 1,550,000 and is 24.8 percent below the March 2022 rate of 1,879,000.
Single‐family authorizations in March were at a rate of 818,000; this is 4.1 percent above the revised February figure of 786,000. Authorizations of units in buildings with five units or more were at a rate of 543,000 in March.
Housing Starts
Privately‐owned housing starts in March were at a seasonally adjusted annual rate of 1,420,000. This is 0.8 percent (±13.0 percent)* below the revised February estimate of 1,432,000 and is 17.2 percent (±9.1 percent) below the March 2022 rate of 1,716,000.
Single‐family housing starts in March were at a rate of 861,000; this is 2.7 percent (±14.4 percent)* above the revised February figure of 838,000. The March rate for units in buildings with five units or more was 542,000.
Housing Completions
Privately‐owned housing completions in March were at a seasonally adjusted annual rate of 1,542,000. This is 0.6 percent (±13.3 percent)* below the revised February estimate of 1,552,000, but is 12.9 percent (±18.6 percent)* above the March 2022 rate of 1,366,000.
Single‐family housing completions in March were at a rate of 1,050,000; this is 2.4 percent (±12.4 percent)* above the revised February rate of 1,025,000. The March rate for units in buildings with five units or more was 484,000.
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