Housing Starts Fall in March

Housing starts fell in March to a seasonally adjusted annual rate of 1.089 million, 8.8% below February’s revised estimate of 1.194 million; though, 14.2% above the March 2015 rate. Housing starts have remained above the 1.0 million rate for 12 consecutive months.

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Housing activity fell in three of the four regions, with starts decreasing 15.7% in the West, 25.4% in the Midwest and 8.4% in the South. Starts rose sharply in the Northeast however, rising by 61.3%.

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New building permits dropped during the month, falling 7.7% below February’s rate to 1.086 million, but grew 4.6% from March 2015.

Housing completions rose in March to a seasonally adjusted annual rate of 1.061 million, 3.5 points above February’s rate, and up 31.6 points from a year ago.

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