Briefing.com: Housing Starts

Updated: 16-Apr-24 09:06 ET

March Housing Starts

Updated: 16-Apr-24 09:06 ET

Highlights

Total housing starts in March declined 14.7% month-over-month to a seasonally adjusted annual rate of 1.321 million units (Briefing.com consensus 1.485 million).
Building permits declined 4.3% month-over-month to a seasonally adjusted annual rate of 1.458 million units (Briefing.com consensus 1.518 million).

Key Factors

The change in single-unit starts by region: Northeast (-40.9%); Midwest (-14.5%); South (-12.9%); and West (+1.3%).
The change in single-unit permits by region: Northeast (-8.2%); Midwest (-7.0%); South (-5.3%); and West (-5.4%).
Multi-unit starts decreased 21.7% month-over-month while multi-unit permits decreased 1.2% month-over-month.
The number of units under construction at the end of the period decreased 0.9% month-over-month to a seasonally adjusted annual rate of 1.646 million.

Big Picture

The key takeaway from the report is that it provided no signs of relief for a supply-constrained housing market. Single-unit starts were down by double-digit percentages in every region except the West (+1.3%); meanwhile, building permits -- a leading indicator -- for single-family units were down in every region, highlighted by a 5.3% decline in the South, which is the country's largest housing market.