by Year-over-year issuing of building permits falters slightly according to figures released by the US Department of Commerce Thursday
WASHINGTON — March housing starts and housing completions rose from March 2024 levels, while building permits were down slightly in the same year-over-year period.
The U.S. Department of Commerce reported Thursday that housing completions totaled 1,549,000 in March, up 3.9% above 1,491,000 in March 2024. By comparison, housing completions fell 2.1% below a revised February estimate of 1,582,000.
Single-family completions totaled 1,029,000, or 66.4% of the total, which was .9% above the revised February rate of 1,020,000.
Meanwhile, housing starts totaled 1,324,000 in March, 1.9% above the 1,299,000 reported in March 2024 and 11.4% below the revised February estimate of 1,494,000. Single-family housing starts totaled 940,000, or 71% of the total, which was 14.2% below the revised February rate of 1,096,000.
There were 1,482,000 residential building permits issued in March, .2% below 1,485,000 in March 2024 and 1.6% above the revised February rate of 1,459,000. Of these, single-family permits totaled 978,000, or 66% of the total, 2% below the revised February rate of 998,000.
The figures suggest that people have moved into or will soon be moving into those newly completed homes, while also buying furniture for those new homes. There also could be a boost in furniture spending related to the increase on housing starts for homes completed in the second half.
By region, the activity was as follows:
+ In the Northeast, there were 121,000 residential building permits issued in March, down 17.1% from 146,000 issued in March 2024 but up 4.2% from 116,000 issued in February. There were 140,000 units started, up 45.8% from 96,000 started in March 2024 and up 1.4% from 138,000 started in February. There were 148,000 units completed, up 68.2% from 88,000 completed in March 2024 and up 10.4% from 134,000 started in February.
+ In the Midwest, there were 219,000 residential building permits issued in March, up 7.4% from 204,000 issued in March 2024 and down 9.5% from 242,000 issued in February. There were 222,000 units started, up 44.2% from 154,000 started in March 2024 and up 76.2% from 126,000 issued in February. There were 226,000 units completed, up 21.5% from 186,000 completed in March 2024 and up 69.9% from 133,000 completed in February.
+ In the South, there were 830,000 building permits issued in March, up 4.5% from 794,000 issued in March 2024 and up 3% from 806,000 issued in February. There were 673,000 units started, down 8.1% from 732,000 started in March 2024 and down 17.1% from 812,000 issued in February. There were 846,000 units completed, up 1.9% from 830,000 completed in March 2024 and down 3.3% from 875,000 completed in February.
+ In the West, there were 312,000 residential building permits issued in March, down 8.5% from 341,000 issued in March 2024, but up 5.8% from 295,000 issued in February. There were 289,000 units started, down 8.8% from 317,000 units started in March 2024 and down 30.9% from 418,000 started in February. There were 329,000 units completed in March, down 15% from 387,000 completed in March 2024 and down 25.2% from 440,000 completed in February.
