Multi-Family Housing Takes Up Slack For March

U.S. housing starts edged higher in March, increasing 0.3% to a seasonally adjusted rate of 1.793 million, according to the U.S. Census Bureau and U.S. Dept. of Housing and Urban Development monthly new residential construction report.

Single-family starts in March were at a rate of 1.2 million, 1.7% below February, while multi-family starts (five units or more) were 574,000, up 7.5% compared to February.

Housing building permits were at a seasonally adjusted rate of 1.873 million in March, 0.4% above February. Single-family permits were 1.147 million, 4.8% below February, and multi-family was 672,000, up nearly 11% over February.

2021 U.S. actual housing starts ended at 1.601 million, following 1.380 million in 2020.

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