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April 17, 2025US HOUSING STARTS AND BUILDING PERMITS, MARCH 2025 Month over month (March 2025 vs February 2025, seasonally adjusted annualized rates)
Compared to the previous month, US housing starts were down 11.4% to a seasonally adjusted annualized rate of 1,324,000 units. There was declines in single unit starts (-14.2%) and declines in multi-unit dwelling starts (-3.5%).
The number of residential building permits were up 1.6% to a seasonally adjusted annualized rate of 1,482,000 units. Permits were down for single units (-2.0%), while multiple unit permits increased 9.3%.
Year over year (March 2025 vs March 2024)
Compared to the same month last year, US housing starts were up 1.9%, with declines in single unit starts (-9.7%) and up in multi-unit starts (48.8%).
Residential building permits were down 0.2% year-over-year, with decreases in single units (-0.6%) and up for permits in multi-unit structures (0.6%).
Year-to-date (January-March 2025 vs January-March 2024)
In the first three months of 2025, US housing starts were down 1.0%, with declines in single unit starts (-4.7%) only partially offset by rising multi-unit starts (+10.3%).
Residential building permits were down 3.1% year-to-date, with decreases in both single units (-2.4%) and multi-unit structures (-4.6%).
Note: multi-unit refers to structures with 2-4 units as well as structures were more than 5 units.
Source: US Census Bureau New Residential Construction
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