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The results in March were driven by rising construction of single-family homes (blue), which made up more than three-quarters of all starts. Buildings of 2 or more units (usually apartment blocks)are shown in red on the chart and the data is incremental.
US home construction in March rebounded from
February's very low levels but the market remained weak.
The US Census Bureau and the Department of Housing and Urban
Development jointly announced the following new residential construction
statistics for March 2011:
Privately-owned housing units authorized by building permits in March were at a
seasonally adjusted annual rate of 594,000. This is 11.2% above the revised
February rate of 534,000, but is 13.3% below the March 2010 estimate of 685,000.
Single-family authorizations in March were at a rate of 405,000;
this is 5.7% above the revised February figure of 383,000. Authorizations
of units in buildings with five units or more were at a rate of 173,000 in
Housing Starts: Privately-owned housing starts in March were at a seasonally
adjusted annual rate of 549,000. This is 7.2% above the 18.0%) revised February
estimate of 512,000, but is 13.4% below the March 2010 rate of 634,000.
Single-family housing starts in March were at a rate of 422,000;
this is 7.7% above the revised February figure of 392,000. The March rate for
units in buildings with five units or more was 117,000.
Housing Completions: Privately-owned housing completions in March were at a
seasonally adjusted annual rate of 509,000. This is 14.2% below the revised
February estimate of 593,000 and is 20.8% below the March 2010 rate of 643,000.
Single-family housing completions in March were at a rate of
374,000; this is 22.2% below the revised February rate of 481,000. The March
rate for units in buildings with five units or more was 130,000.
Housing Starts Up 7.2%: U.S. housing starts and permits for future home construction rose more than expected in March, with CNBC's Rick Santelli & Steve Liesman: