Housing starts increase 7 percent in March to highest rate in almost five years
Preliminary data from the U.S. Commerce Department showed a 7-percent increase in housing starts in March, the highest level since June 2008, our sister site, Equipment World, reported.
In addition to its 7-percent increase over the revised February estimate of 968,000, March’s seasonally adjusted rate of 1.04 million is 46.7 percent higher than the March 2012 rate if 706,000.
Multi-family homes carried housing starts last month, rising 27 percent in March to a rate of 392,000, while single-family homes in March were 4.8 percent below the revised February estimate of 619,000.
Housing completions rose to a seasonally adjusted annual rate of 800,000, 11 percent above the revised February estimate of 721,000 and 36.3 percent higher than the March 2012 rate of 587,000.
Single-family home completions increased by 2.6 percent to a rate of 593,000, and multi-family homes were at a rate of 202,000.
Building permits decreased 3.9 percent in March to a seasonally adjusted annual rate of 902,000, though that rate is still 17.3 percent higher than the March 2012 estimate of 769,000.
Permits issued to single-family homes were down 0.3 percent in March at a rate of 595,000, and multi-family home permits were at a rate of 283,000.
From our partners
Sandvik Construction’s extensive range of rock tools are world renowned for combining advanced materials technology, with skillful design focusing on…
MORE FROM Aggbeat Online
SUBSCRIBE & FOLLOW
- A set of dinosaur footprints were found in a German quarry615 Views
- A Game of Stones: Quarry set location of 'The Wall' in HBO show could become a permanent attraction500 Views
- A miner was seriously injured after a metal walkway gave way393 Views
- Summit Materials acquires Utah construction materials company385 Views
- The U.S. saw an increase in construction aggregates in the second quarter351 Views