by Bill McBride on 4/18/2017 08:39:00 AM
Tuesday, April 18, 2017
From the Census Bureau: Permits, Starts and Completions
Housing Starts:Click on graph for larger image.
Privately-owned housing starts in March were at a seasonally adjusted annual rate of 1,215,000. This is 6.8 percent below the revised February estimate of 1,303,000, but is 9.2 percent above the March 2016 rate of 1,113,000. Single-family housing starts in March were at a rate of 821,000; this is 6.2 percent below the revised February figure of 875,000. The March rate for units in buildings with five units or more was 385,000.
Privately-owned housing units authorized by building permits in March were at a seasonally adjusted annual rate of 1,260,000. This is 3.6 percent above the revised February rate of 1,216,000 and is 17.0 percent above the March 2016 rate of 1,077,000. Single-family authorizations in March were at a rate of 823,000; this is 1.1 percent below the revised February figure of 832,000. Authorizations of units in buildings with five units or more were at a rate of 401,000 in March.
The first graph shows single and multi-family housing starts for the last several years.
Multi-family starts (red, 2+ units) decreased in March compared to February. Multi-family starts are up year-over-year.
Multi-family is volatile.
Single-family starts (blue) increased in March, and are up 9.3% year-over-year.
The second graph shows total and single unit starts since 1968.
The second graph shows the huge collapse following the housing bubble, and then - after moving sideways for a couple of years - housing is now recovering (but still historically low),
Total housing starts in March were below expectations. However February starts were revised up slightly. Still a decent report. I'll have more later ...
Posted by Bill McBride on 4/18/2017 08:39:00 AM