Housing Starts Rise 2.8% in March

Privately-owned housing starts in March were at a seasonally adjusted annual rate of 946,000, according to the most recent data available from the U.S. Census Bureau. This is 2.8% above the revised February estimate of 920,000, but 5.9% below the March 2013 rate of 1,005,000. Single-family housing starts in March were at a rate of 635,000, 6% above the revised February figure of 599,000. The March rate for units in buildings with five units or more was 292,000.

“This report is in line with our forecast of a gradual strengthening in the housing sector in 2014,” said NAHB Chief Economist David Crowe. “However, several uncertainties including tight credit conditions for home buyers and erratic job growth are making builders cautious about getting ahead of demand.”