Housing Starts Dip in March to 1.2 Million but Enjoy 9.2% YOY Growth

Privately-owned housing starts in March were at a seasonally adjusted annual rate of 1,215,000, 6.8% below the revised February estimate of 1,303,000, but 9.2% above the March 2016 rate of 1,113,000, according to the latest data from the U.S. Census Dept. Single-family housing starts in March were at a rate of 821,000, 6.2% below the revised February figure of 875,000.

“The three-month moving average for single-family starts has reached a post-recession high, which shows that this sector is continuing to firm,” said NAHB Chief Economist Robert Dietz in a press release. “We can expect further gains in single-family production throughout the year, while multi-family starts should level off.”