Housing starts surge 7 percent in March
Housing starts increased 7 percent in March, according to Tuesday's New Residential Construction Report. Multi-unit housing starts had a notable monthly increase of 26.9 percent.
Today’s New Residential Construction Report showed mixed results in March with a notable 26.9% monthly increase in multi-unit housing starts greatly influencing the 7.0% monthly increase to total housing starts while single family housing starts declined by a notable 4.8% since February with total housing permits declining significantly as well.
Single family housing permits, the most leading of indicators, declined 0.5% from February to 595K single family units (SAAR), but increased 27.7% above the level seen in March 2012 but still remained an astonishing 66.91% below the peak in September 2005.
Single family housing starts declined 4.8% from February to 619K units (SAAR), but rose 28.7% above the level seen in March 2012 but still remained 66.04% below the peak set in early 2006.
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