New Residential Construction Statistics for March 2016

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The U.S. Census Bureau and the Department of Housing and Urban Development jointly announced the following new residential construction statistics for March 2016:

BUILDING PERMITS
Privately-owned housing units authorized by building permits in March were at a seasonally adjusted annual rate of 1,086,000.This is 7.7 percent (±1.2%) below the revised February rate of 1,177,000, but is 4.6 percent (±0.9%) above the March 2015 estimate of 1,038,000.Single-family authorizations in March were at a rate of 727,000; this is 1.2 percent (±1.1%) below the revised February figure of 736,000. Authorizations of units in buildings with five units or more were at a rate of 324,000 in March.

HOUSING STARTS
Privately-owned housing starts in March were at a seasonally adjusted annual rate of 1,089,000. This is 8.8 percent (±11.1%)* below the revised February estimate of 1,194,000, but is 14.2 percent (±11.7%) above the March 2015 rate of 954,000. Single-family housing starts in March were at a rate of 764,000; this is 9.2 percent (±10.3%)* below the revised February figure of 841,000. The March rate for units in buildings with five units or more was 312,000.

HOUSING COMPLETIONS
Privately-owned housing completions in March were at a seasonally adjusted annual rate of 1,061,000. This is 3.5 percent (±13.3%)* above the revised February estimate of 1,025,000 and is 31.6 percent (±15.2%) above the March 2015 rate of 806,000. Single-family housing completions in March were at a rate of 734,000; this is 0.3 percent (±11.5%)* below the revised February rate of 736,000. The March rate for units in buildings with five units or more was 316,000.

Source: The U.S. Census Bureau and the Department of Housing and Urban Development