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April 16, 2024US HOUSING STARTS AND BUILDING PERMITS, MARCH 2024 Month over month (March 2024 vs February 2024, seasonally adjusted annualized rates)
US housing starts decreased 14.7% to a seasonally adjusted annualized rate of 1,321,000 units. There were decreases in single unit starts (-12.4%), as well as multi-unit starts (-20.8%).
The number of residential building permits decreased 4.3% to a seasonally adjusted annualized rate of 1,458,000 units. Permits were down for single units (-5.7%), down for structures with 2-4 units (-10.3%), and unchanged for multi-unit structures with more than 5 units.
Year over year (March 2024 vs March 2023, seasonally adjusted annualized rates)
Compared to March 2023, US housing for starts were down 4.3%, with increases in single unit starts (+21.2) and starts for structures with 5 or more units were down (-43.7%).
Residential building permits were up 1.5%, with increases in single units (+17.4%), no changes in structures with 2-4 units. and declines in structures with 5 or more units (-22.1%).
Year-to-date (January-March 2024 vs January-March 2023, seasonally adjusted annualized rates)
Compared to January-February 2023, US housing for starts were up 2.1%, with increases in single unit starts (+28.2%), and down for multi-unit starts (-38.2%).
Residential building permits were up 4.6%, with increases in single units (+27.5%), increases in structures with 2-4 units (+3.2%) and declines in structures with 5 or more units (-26.4%).
Source: US Census Bureau New Residential Construction, retrieved from Federal Reserve Bank of St. Louis using a FRED API and VBA