Housing starts in March were at a seasonally adjusted annual rate of 1,420,000, -0.8% below the revised February estimate of 1,432,000 and -17.2% below the March 2022 rate of 1,716,000. U.S. Census Bureau data showed that single‐family housing starts in March were at a rate of 861,000, +2.7% above the revised February figure of 838,000.
“We expect choppiness for single-family construction in the months ahead, with the 2023 data posting significant year-over-year weakness before improving on a sustained basis,” said Robert Dietz, chief economist National Association of Home Builders (NAHB), in the press release. “The multifamily market softened in March, and we anticipate ongoing declines for apartment construction in the months ahead due to tighter lending conditions in the commercial real estate sector.”
