Housing Starts Rise, Completions Lag

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The U.S. Census Bureau and U.S. Department of Housing and Urban Development this week released March 2022 housing numbers. Permits and starts outpaced expectations, but housing completions fell month-to-month and year-over-year.

Building Permits

Privately‐owned housing units authorized by building permits in March were at a seasonally adjusted annual rate of 1,873,000.  This is 0.4% above the revised February rate of 1,865,000 and is 6.7% above the March 2021 rate of 1,755,000. Single‐family authorizations in March were at a rate of 1,147,000, 4.8% below the revised February figure of 1,205,000. Authorizations of units in buildings with five units or more were at a rate of 672,000 in March.

Housing Starts

Privately‐owned housing starts in March were at a seasonally adjusted annual rate of 1,793,000, 0.3% above the revised February estimate of 1,788,000 is 3.9% above the March 2021 rate of 1,725,000.

Single‐family housing starts in March were at a rate of 1,200,000, 1.7% below the revised February figure of 1,221,000. The March rate for units in buildings with five units or more was 574,000.

Housing Completions

Privately‐owned housing completions in March were at a seasonally adjusted annual rate of 1,303,000, 4.5% below the revised February estimate of 1,365,000 is 13% below the March 2021 rate of 1,497,000. Single‐family housing completions in March were at a rate of 1,000,000, 6.4% below the revised February rate of 1,068,000. The March rate for units in buildings with five units or more was 292,000.