U.S. Census Bureau: Monthly New Residential Construction, March 2022

The U.S. Census Bureau and the U.S. Department of Housing and Urban Development jointly announced the following new residential construction statistics for March 2022:

Building Permits

Privately-owned housing units authorized by building permits in March were at a seasonally adjusted annual rate of 1,873,000. This is 0.4 percent above the revised February rate of 1,865,000 and is 6.7 percent above the March 2021 rate of 1,755,000. Single-family authorizations in March were at a rate of 1,147,000; this is 4.8 percent below the revised February figure of 1,205,000. Authorizations of units in buildings with five units or more were at a rate of 672,000 in March.

Housing Starts

Privately-owned housing starts in March were at a seasonally adjusted annual rate of 1,793,000. This is 0.3 percent (±12.3 percent)* above the revised February estimate of 1,788,000 and is 3.9 percent (±8.9 percent)* above the March 2021 rate of 1,725,000. Single-family housing starts in March were at a rate of 1,200,000; this is 1.7 percent (±12.3 percent)* below the revised February figure of 1,221,000. The March rate for units in buildings with five units or more was 574,000.

Housing Completions

Privately-owned housing completions in March were at a seasonally adjusted annual rate of 1,303,000. This is 4.5 percent (±11.3 percent)* below the revised February estimate of 1,365,000 and is 13.0 percent (±9.8 percent) below the March 2021 rate of 1,497,000. Single-family housing completions in March were at a rate of 1,000,000; this is 6.4 percent (±10.7 percent)* below the revised February rate of 1,068,000. The March rate for units in buildings with five units or more was 292,000.

For the full March report, click here.

The April report is scheduled for release on May 18, 2022. View the full schedule in the Economic Briefing Room: <www.census.gov/economic-indicators/>. The full text and tables for this release can be found at <www.census.gov/construction/nrc/>.

Source: U.S. Census Bureau