Housing starts in the United States hit their highest level since 2006 in March as builders increased their construction of multifamily projects to meet inventory demands.
- Privately-owned housing starts rose 0.3% from revised February figures to a seasonally adjusted annual pace of 1.79 million, which was also up 3.9% from 1.72 million in March 2021.
- The increase in starts also marked the strongest rate of multifamily construction since January 2020.
- Meanwhile, single-family housing starts edged down 1.7% in March from the prior month’s rate of 1.2 million, a figure that remains well-above pre-pandemic levels. The rate for units in buildings with five or more units was 574,000.
- Completions on privately owned homes fell slightly 4.5% from February’s revised figures to a seasonally adjusted annual pace of 1.3 million.
Single-family housing completions also fell during March by 6.4% from the prior month’s rate of 1.0 million.
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Source: U.S. Census Bureau.