Building Starts Climb 2.5% in March

The Department of Commerce said privately-owned housing starts in March were at a seasonally adjusted annual rate of 926,000, 2% above the revised February estimate of 908,000, but 2.5% below the March 2014 rate of 950,000. Single-family housing starts in March were at a rate of 618,000, 4.4% above the revised February figure of 592,000. The March rate for units in buildings with five units or more was 287,000.

“Builders are being careful not to add inventory beyond expected demand, especially as they struggle with increasing costs for lots, labor and materials,” said NAHB Chief Economist David Crowe in a press release. “However, pent-up demand, low mortgage interest rates and a growing economy should keep the housing industry moving forward throughout the rest of the year.”