NEW RESIDENTIAL CONSTRUCTION IN MARCH 2014

The U.S. Census Bureau and the Department of Housing and Urban Development jointly announced the following new residential construction statistics for March 2014:

BUILDING PERMITS

Privately-owned housing units authorized by building permits in March were at a seasonally adjusted annual rate of 990,000. This is 2.4 percent (±1.0%) below the revised February rate of 1,014,000, but is 11.2 percent (±1.1%) above the March 2013 estimate of 890,000.

Single-family authorizations in March were at a rate of 592,000; this is 0.5 percent (±1.0%)* above the revised February figure of 589,000. Authorizations of units in buildings with five units or more were at a rate of 370,000 in March.

HOUSING STARTS

Privately-owned housing starts in March were at a seasonally adjusted annual rate of 946,000. This is 2.8 percent (±14.7%)* above the revised February estimate of 920,000, but is 5.9 percent (±8.4%)* below the March 2013 rate of 1,005,000.

Single-family housing starts in March were at a rate of 635,000; this is 6.0 percent (±15.5%)* above the revised February figure of 599,000. The March rate for units in buildings with five units or more was 292,000.

HOUSING COMPLETIONS

Privately-owned housing completions in March were at a seasonally adjusted annual rate of 872,000. This is 0.2 percent (±13.2%)* below the revised February estimate of 874,000, but is 7.7 percent (±14.3%)* above the March 2013 rate of 810,000.

Single-family housing completions in March were at a rate of 602,000; this is 3.8 percent (±12.6%)* below the revised February rate of 626,000.