Housing Starts Below Expectations

US privately-owned housing rose 2 percent to a seasonally adjusted annual rate of 926,000 in March, rebounding from a revised 15.3 percent fall in February but below market forecasts. Building permits shrank 5.7 percent.

The February estimate for housing starts was revised to 908,000 from 897,000.

Single-family housing starts rose 4.4 percent to 618,000 while starts of buildings with five units or more fell 7.1 percent to 287,000.

Housing starts in the Northeast and the Midwest rebounded from last month’s fall (up by 114.9 percent and 31.3 percent respectively in March) while groundbreaking in the West (-19.3 percent) and the South (-3.5 percent) keeps falling.

Building permits in March were at a seasonally adjusted annual rate of 1,039,000, 5.7 percent below the revised February rate of 1,102,000.

Single-family authorizations increased 2.1 percent to 636,000 while authorizations in buildings with five units or more shrank 16 percent to 378,000. 

Year-on-year, housing starts fell 2.5 percent while building permits rose 2.9 percent.

Housing Starts Below Expectations

U.S. Census Bureau | Joana Taborda | joana.taborda@tradingeconomics.com
4/16/2015 1:55:40 PM