Privately-owned housing starts in March were at a seasonally adjusted annual rate of 926,000. This is 2.0 percent above the revised February estimate of 908,000, but is 2.5 percent below the March 2014 rate of 950,000. Last month starts were down 15.3%.
By region, starts gained 114.9 percent in the Northeast-almost certainly a weather related rebound but in a small region. The Midwest also saw a weather related gain of 31.3 percent. However, the large South region declined 3.5 percent and the West fell 19.3 percent.
Single-family housing starts in March were at a rate of 618,000; this is 4.4 percent above the revised February figure of 592,000, but down 2.5% from last year. Multi-family starts are also down 2.5% from last year.
Privately-owned housing units authorized by building permits in March were at a seasonally adjusted annual rate of 1,039,000. This is 5.7 percent below the revised February rate of 1,102,000, but is 2.9 percent above the March 2014 estimate of 1,010,000. Permits were up 4% in February.
Single-family authorizations in March were at a rate of 636,000; this is 2.1 percent above the revised February figure of 623,000. Authorizations of units in buildings with five units or more were at a rate of 378,000 in March.