New Residential Construction Shows a Shifting Market in March
Privately-owned multiple housing unit permits climb 4.5 percent; single-family permits slide from February.
A trend toward apartment construction is emerging as the housing industry continues to struggle to right itself. As investors snap up bargain properties, new construction is shifting toward multiple housing unit projects as the existing single family home market remains depressed by repos and short sales. However, recent increases in retail sales, notably for home improvement products, propelled by the early spring, signal that the existing home single family home market is reawakening and that home owners are anticipating stronger home value appreciation in the coming months. In certain regional marekts, this is already happening.
The U.S. Census Bureau and the Department of Housing and Urban Development jointly announced the following new residential construction statistics for March 2012:
BUILDING PERMITS
Privately-owned housing units authorized by building permits in March were at a seasonally adjusted annual rate of 747,000. This is 4.5 percent (±1.1%) above the revised February rate of 715,000 and is 30.1 percent (±1.6%) above the March 2011 estimate of 574,000.
Single-family authorizations in March were at a rate of 462,000; this is 3.5 percent (±1.1%) below the revised February figure of 479,000. Authorizations of units in buildings with five units or more were at a rate of 262,000 in March.
HOUSING STARTS
Privately-owned housing starts in March were at a seasonally adjusted annual rate of 654,000. This is 5.8 percent (±15.6%)* below the revised February estimate of 694,000, but is 10.3 percent (±14.6%)* above the March 2011 rate of 593,000.
Single-family housing starts in March were at a rate of 462,000; this is 0.2 percent (±12.6%)* below the revised February figure of 463,000. The March rate for units in buildings with five units or more was 178,000.
HOUSING COMPLETIONS
Privately-owned housing completions in March were at a seasonally adjusted annual rate of 600,000. This is 4.2 percent (±13.5%)* above the revised February estimate of 576,000 and is 0.5 percent (±15.3%)* above the March 2011 rate of 597,000.
Single-family housing completions in March were at a rate of 440,000; this is 1.4 percent (±12.5%)* above the revised February rate of 434,000. The March rate for units in buildings with five units or more was 146,000.
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