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March housing starts fell by -0.8 %

Housing Starts U.S. Economic Indicators


The construction of new homes, as well as the issuance of new building permits declined in March, following very solid February report.
In March U.S. home construction decreased by -0.8 % on the seasonally adjusted basis to annual rate of 1,420,000 units, a decrease of 12,000 units from 1,432,000 in February. Most of decline took place in the West and it was concentrated in multi-dwelling buildings such as apartments.
But not all was bad news in the government report, economists pointed out the 2.7 % increase in construction of single-family homes, siting growing demand for higher value homes.

New building went down -28.1 % to annual rate of 258,000 units in the West while the construction of multi-family units decreased -5.9 % accounting for 39.37 % of total construction. As demand for renting apartments declines.

A healthier housing market, however, would give a big boost to the economy.

In construction of housing units was bellow average rate of 1,359,548 housing starts. Housing starts dropped by -20.8 % from March 2022, home construction in the Midwest decreased the most, by -42.7 %.



Housing Starts

  M/M Y/Y
  Northeast 72.38% -38.23%
  Midwest -23.56% -42.67%
  South 6.80% 1.68 %
  West -28.13% -40.55%
  Single-family 2.74% -28.25%
  2 - 4 units 30.77% -10.53%
  5 or more units -6.71% -5.57%


Permits dropped by -8.8 % or 137,000 units to an annual rate of 1,420,000 units, from 1,432,000 in February on the seasonally adjusted basis Demand for building permits fell the most in the West and it was concentrated in multi-dwelling buildings such as apartments.

The issuance of new permits declined -16.5 % to annual rate of 258,000 units in the West while the permits for multi-family units decreased -22.1 % accounting for 39.37 % of total building permits issued.

Permits indicate whether demand for new homes is growing or slowing.Building permits dropped by -24.6 % from March 2022




Permits By Region
  • In Northeast housing units were authorized at seasonally adjusted annual rate of 144,000 units, an increase of 29,000 units, or 25.22 % from 115,000 units Feb. 2023 and an decrease of -24.21 % from 190,000 units March 2022.


  • In Midwest housing units were authorized at seasonally adjusted annual rate of 194,000 units, an decrease of 2,000 units, or -1.02 % from 196,000 units Feb. 2023 and an decrease of -24.81 % from 258,000 units March 2022.


  • In West housing units were authorized at seasonally adjusted annual rate of 314,000 units, an decrease of 62,000 units, or -16.49 % from 376,000 units Feb. 2023 and an decrease of -32.62 % from 466,000 units March 2022.
  • In South housing units were authorized at seasonally adjusted annual rate of 761,000 units, an decrease of 102,000 units, or -11.82 % from 863,000 units Feb. 2023 and an decrease of -20.65 % from 959,000 units March 2022.

New Housing Units Authorized
(Seasonally adj., at Annual Rate, units), units)
March 2023

prel.
Feb. 2023

prel.
Jan. 2023

prel.
Dec. 2022

prel.
Nov. 2022

prel.
Total
1,413,000 1,550,000 1,339,000 1,337,000 1,342,000
In structures Single-family units
818,000 786,000 722,000 731,000 781,000
In structures with 2 - 4 units
52,000 47,000 54,000 46,000 52,000
In structures with 5 units or more
543,000 717,000 563,000 560,000 509,000
Northeast
144,000 115,000 106,000 115,000 114,000
Midwest
194,000 196,000 178,000 175,000 197,000
South
761,000 863,000 762,000 740,000 755,000
West
314,000 376,000 293,000 307,000 276,000



New Housing Units Authorized
(Seasonally adj., at Annual Rate, units), in M / M)
March 2023
prel.
Feb. 2023
prel.
Jan. 2023
prel.
Dec. 2022
prel.
Nov. 2022
prel.
Total -8.84 % 15.76 % 0.15 % -0.37 % -12.06 %
In structures Single-family units 4.07 % 8.86 % -1.23 % -6.4 % -6.91 %
In structures with 2 - 4 units 10.64 % -12.96 % 17.39 % -11.54 % -3.7 %
In structures with 5 units or more -24.27 % 27.35 % 0.54 % 10.02 % -19.59 %
Northeast 25.22 % 8.49 % -7.83 % 0.88 % -5 %
Midwest -1.02 % 10.11 % 1.71 % -11.17 % -5.74 %
South -11.82 % 13.25 % 2.97 % -1.99 % -12.92 %
West -16.49 % 28.33 % -4.56 % 11.23 % -16.36 %



New Housing Units Authorized
(Seasonally adj., at Annual Rate, units), in % Y/Y)
March 2023
prel.
Feb. 2023
prel.
Jan. 2023
prel.
Dec. 2022
prel.
Nov. 2022
prel.
Total -24.56 % -16.62 % -29.34 % -28.62 % -21.61 %
In structures Single-family units -28.68 % -34.88 % -40.48 % -35.2 % -29.19 %
In structures with 2 - 4 units -3.7 % -14.55 % -5.26 % -34.29 % 6.12 %
In structures with 5 units or more -19.2 % 20.1 % -9.92 % -17.04 % -9.11 %
Northeast -24.21 % -33.53 % -24.82 % -62.05 % -21.38 %
Midwest -24.81 % -22.22 % -35.27 % -34.46 % -8.37 %
South -20.65 % -9.54 % -24.48 % -17.69 % -16.2 %
West -32.62 % -21.67 % -37.66 % -24.01 % -38.8 %



New Housing Units Started
(Seasonally adj., at Annual Rate, units)
March 2023

prel.
Feb. 2023

prel.
Jan. 2023

prel.
Dec. 2022

prel.
Nov. 2022

prel.
Total
1,420,000 1,432,000 1,321,000 1,348,000 1,427,000
In structures Single-family units
861,000 838,000 821,000 881,000 828,000
In structures with 2 - 4 units
17,000 13,000 10,000 9,000 15,000
In structures with 5 units or more
542,000 581,000 490,000 458,000 584,000
Northeast
181,000 105,000 127,000 199,000 83,000
Midwest
133,000 174,000 118,000 127,000 215,000
South
848,000 794,000 779,000 711,000 788,000
West
258,000 359,000 297,000 311,000 341,000



New Housing Units Started
(Seasonally adj. at Annual Rate, units), in Y / Y)
March 2023
prel.
Feb. 2023
prel.
Jan. 2023
prel.
Dec. 2022
prel.
Nov. 2022
prel.
Total -0.84 % 8.4 % -2 % -5.54 % 0.14 %
In structures Single-family units 2.74 % 2.07 % -6.81 % 6.4 % -3.16 %
In structures with 2 - 4 units 30.77 % 30 % 11.11 % -40 % 7.14 %
In structures with 5 units or more -6.71 % 18.57 % 6.99 % -21.58 % 5.04 %
Northeast 72.38 % -17.32 % -36.18 % 139.76 % -13.54 %
Midwest -23.56 % 47.46 % -7.09 % -40.93 % 16.22 %
South 6.8 % 1.93 % 9.56 % -9.77 % -2.48 %
West -28.13 % 20.88 % -4.5 % -8.8 % 1.49 %



New Housing Units Started
(Seasonally adj. at Annual Rate, in % Y/Y)
March 2023
prel.
Feb. 2023
prel.
Jan. 2023
prel.
Dec. 2022
prel.
Nov. 2022
prel.
Total -20.8 % -19.05 % -20.28 % -20.8 % -15.01 %
In structures Single-family units -28.25 % -31.03 % -28.61 % -24.83 % -29.41 %
In structures with 2 - 4 units -10.53 % -75.47 % 0 % 50 % 0 %
In structures with 5 units or more -5.57 % 15.97 % -1.41 % -12.6 % 18.94 %
Northeast -38.23 % -19.23 % 25.74 % 45.26 % -36.15 %
Midwest -42.67 % -23.01 % -39.8 % -55.9 % 5.39 %
South 1.68 % -21.93 % -14.68 % -22.3 % -15.54 %
West -40.55 % -9.34 % -33.56 % -14.09 % -17.23 %



New Housing Units Authorized
(Not seasonally adjusted, units)
March 2023

prel.
Feb. 2023

prel.
Jan. 2023

prel.
Dec. 2022

prel.
Nov. 2022

prel.
Total
129,800 110,900 101,000 101,000 101,700
In structures Single-family units
79,200 58,700 53,100 53,100 55,600
In structures with 2 - 4 units
4,800 3,200 3,800 3,800 4,000
In structures with 5 units or more
45,800 49,000 44,100 44,100 42,100
Northeast
12,700 7,300 7,500 7,500 9,500
Midwest
16,700 10,600 9,800 9,800 15,500
South
71,500 65,500 62,200 62,200 55,600
West
28,900 27,400 21,500 21,500 21,200



New Housing Units Authorized
(Not seasonally adjusted, in Y / Y)
March 2023
prel.
Feb. 2023
prel.
Jan. 2023
prel.
Dec. 2022
prel.
Nov. 2022
prel.
Total 17.04 % 9.8 % 0 % -0.69 % -16.84 %
In structures Single-family units 34.92 % 10.55 % 0 % -4.5 % -15.37 %
In structures with 2 - 4 units 50 % -15.79 % 0 % -5 % -16.67 %
In structures with 5 units or more -6.53 % 11.11 % 0 % 4.75 % -18.73 %
Northeast 73.97 % -2.67 % 0 % -21.05 % 5.56 %
Midwest 57.55 % 8.16 % 0 % -36.77 % -22.5 %
South 9.16 % 5.31 % 0 % 11.87 % -18.59 %
West 5.47 % 27.44 % 0 % 1.42 % -15.2 %


New Housing Units Authorized
(Not seasonally adjusted, in % Y/Y)
March 2023
prel.
Feb. 2023
prel.
Jan. 2023
prel.
Dec. 2022
prel.
Nov. 2022
prel.
Total -23.38 % -15.34 % -23.66 % -33.55 % -22.6 %
In structures Single-family units -26.05 % -32.68 % -36.33 % -34.69 % -30.59 %
In structures with 2 - 4 units 0 % -15.79 % 0 % -29.63 % 0 %
In structures with 5 units or more -20.21 % 22.81 % -2.22 % -32.36 % -10.81 %
Northeast -23.95 % -36.52 % -27.18 % -70.93 % -24.6 %
Midwest -22.69 % -20.9 % -32.41 % -46.15 % -9.36 %
South -19.66 % -9.03 % -17.72 % -13.13 % -17.01 %
West -31.35 % -19.41 % -32.6 % -40.93 % -39.08 %







New Housing Units Started
(Not seas. adj. at Annual Rate, units)
March 2023

prel.
Feb. 2023

prel.
Jan. 2023

prel.
Dec. 2022

prel.
Nov. 2022

prel.
Total
118,400 103,700 96,800 94,700 111,100
In structures Single-family units
73,300 59,300 57,900 61,100 61,500
In structures with 2 - 4 units
1,300 900 800 600 1,300
In structures with 5 units or more
43,800 43,500 38,100 33,000 48,300
Northeast
14,700 6,300 9,000 14,200 6,800
Midwest
9,700 10,500 6,200 7,800 16,900
South
72,500 60,200 59,300 51,200 60,600
West
21,600 26,800 22,200 21,400 26,800






New Housing Units Started
(Not seas. adj. at Annual Rate, in Y / Y)
March 2023
prel.
Feb. 2023
prel.
Jan. 2023
prel.
Dec. 2022
prel.
Nov. 2022
prel.
Total 14.18 % 7.13 % 2.22 % -14.76 % -7.88 %
In structures Single-family units 23.61 % 2.42 % -5.24 % -0.65 % -13.74 %
In structures with 2 - 4 units 44.44 % 12.5 % 33.33 % -53.85 % 18.18 %
In structures with 5 units or more 0.69 % 14.17 % 15.45 % -31.68 % 0.21 %
Northeast 133.33 % -30 % -36.62 % 108.82 % -18.07 %
Midwest -7.62 % 69.35 % -20.51 % -53.85 % -1.74 %
South 20.43 % 1.52 % 15.82 % -15.51 % -9.69 %
West -19.4 % 20.72 % 3.74 % -20.15 % -4.29 %







New Housing Units Started
(Not seas. adj. at Annual Rate, in % Y/Y)
March 2023
prel.
Feb. 2023
prel.
Jan. 2023
prel.
Dec. 2022
prel.
Nov. 2022
prel.
Total -19.67 % -16.77 % -18.79 % -21.28 % -14.14 %
In structures Single-family units -26.03 % -29.07 % -27.72 % -24.57 % -29.55 %
In structures with 2 - 4 units -18.75 % -77.5 % 0 % 50 % 8.33 %
In structures with 5 units or more -6.21 % 17.57 % -0.52 % -15.17 % 18.09 %
Northeast -37.71 % -18.18 % 26.76 % 44.9 % -35.85 %
Midwest -42.6 % -16.67 % -43.64 % -58.73 % 4.32 %
South 2.98 % -20.48 % -13.3 % -23.24 % -14.53 %
West -40.82 % -5.96 % -32.11 % -14.06 % -15.46 %

Source U.S. Department of Commerce



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