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Residential Construction Activity Moves in March

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The U.S. Department of Housing and Urban Development (HUD) and the U.S. Census Bureau recently announced several new residential construction statistics for March 2014:

Privately owned housing units authorized by building permits in March were at a seasonally adjusted annual rate of 990,000. This is 2.4 percent (±1.0 percent) below the revised February rate of 1,014,000, but is 11.2 percent (±1.1 percent) above the March 2013 estimate of 890,000. Single-family authorizations in March were at a rate of 592,000; this is 0.5 percent (±1.0 percent)* above the revised February figure of 589,000. Authorizations of units in buildings with five units or more were at a rate of 370,000 in March.

Privately owned housing starts in March were at a seasonally adjusted annual rate of 946,000. This is 2.8 percent (±14.7 percent)* above the revised February estimate of 920,000, but is 5.9 percent (±8.4 percent)* below the March 2013 rate of 1,005,000. Single-family housing starts in March were at a rate of 635,000; this is 6.0 percent (±15.5 percent)* above the revised February figure of 599,000. The March rate for units in buildings with five units or more was 292,000.

Privately owned housing completions in March were at a seasonally adjusted annual rate of 872,000. This is 0.2 percent (±13.2 percent)* below the revised February estimate of 874,000, but is 7.7 percent (±14.3 percent)* above the March 2013 rate of 810,000. Single-family housing completions in March were at a rate of 602,000; this is 3.8 percent (±12.6 percent)* below the revised February rate of 626,000. The March rate for units in buildings with five units or more was 258,000.

For more information, visit www.census.gov/developers.

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