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 %.
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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
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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 |
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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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