Groundbreaking on new US homes increased 2 per cent to a seasonally adjusted annual pace of 926,000 units in March, the Commerce Department said Thursday. That left the bulk of February’s decline, which had been blamed on bad weather, intact.
New single-family homes building rose 4.4 per cent. Groundbreaking for the multi-family homes segment fell 2.5 per cent.
US Housing Starts: March
Single-family building permits rose 2.1 per cent in March, while multi-family permits plunged 15.9 per cent.
February’s starts were revised up to a 908,000 million-unit pace from the previously reported 897,000-unit rate.
Permits for future home construction declined 5.7 per cent to a 1.04 million-unit pace. Permits have been above a 1 million-unit pace since July.
Groundbreaking rebounded sharply in the Northeast and Midwest, which had been affected by snowy and cold weather in February. Starts, however, tumbled 19.3 per cent in the West and fell 3.5 per cent in the South, where most of the home building takes place.