by Calculated Risk on 4/17/2012 08:30:00 AM
Tuesday, April 17, 2012
Housing Starts decline in March
From the Census Bureau: Permits, Starts and Completions
Housing Starts:
Privately-owned housing starts in March were at a seasonally adjusted annual rate of 654,000. This is 5.8 percent (±15.6%)* below the revised February estimate of 694,000, but is 10.3 percent (±14.6%)* above the March 2011 rate of 593,000.
Single-family housing starts in March were at a rate of 462,000; this is 0.2 percent (±12.6%)* below the revised February figure of 463,000. The March rate for units in buildings with five units or more was 178,000.
Building Permits:
Privately-owned housing units authorized by building permits in March were at a seasonally adjusted annual rate of 747,000. This is 4.5 percent (±1.1%) above the revised February rate of 715,000 and is 30.1 percent (±1.6%) above the March 2011 estimate of 574,000.
Single-family authorizations in March were at a rate of 462,000; this is 3.5 percent (±1.1%) below the revised February figure of 479,000. Authorizations of units in buildings with five units or more were at a rate of 262,000 in March.

Total housing starts were at 654 thousand (SAAR) in March, down 5.8% from the revised February rate of 694 thousand (SAAR). Note that February was revised down from 698 thousand.
Single-family starts declined 0.2% to 462 thousand in March. February was revised up to 463 thousand from 457 thousand.
The second graph shows total and single unit starts since 1968.

Total starts are up 37% from the bottom, and single family starts are up 31% from the low.
This was well below expectations of 700 thousand starts in March, but mostly because of multi-family starts.