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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 %.

	*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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