The U.S. Census Bureau said privately-owned housing starts in March were at a seasonally adjusted annual rate of 1,036,000, 7% above the revised February estimate of 968,000 and 46.7% above the March 2012 rate of 706,000. Single-family housing starts in March were at a rate of 619,000, 4.8% below the revised February figure of 650,000. The March rate for units in buildings with five units or more was 392,000.
NAHB Chief Economist David Crowe said the data was a “mixed bag” due to the opposite directions of single- and multi-family starts and a weaker amount of permit issuance. However, he said the numbers indicate “a continuation of the slow, methodical march forward” that characterizes the housing recovery. “The three-month moving average for single-family starts remained unchanged at 628,000 units in March — right on pace with NAHB’s forecast for a 25% gain in new-home production in 2013,” he added.
