Multi-Family Starts Lead Residential Construction, Single-Family Drags

by devteam April 16th, 2013 | Share

Building permits were issued in March at a seasonallyrnadjusted rate that was 3.9 percent lower than in February but 17.3 percentrnhigher than one year earlier according to data released this morning by thernU.S. Census Bureau and the Department of Housing and Urban Developmentrn(HUD).  The permitting rate in March wasrn902,000 compared to the February rate of 939,000 which was itself revised downrnfrom an original rate of 946,000.   In March 2012 the rate was estimated atrn769,000.</p

Permits for single-family construction were issuedrnat a rate of 595,000, 0.5 percent below the revised (from 600,000) Februaryrnfigure.  Permits for units in buildingsrnwith five or more units were issued at a rate of 283,000, down 8.1 percent fromrnthe 308,000 permits issued in February. </p

Building Permits

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Construction was begun on residential constructionrnat a seasonally adjusted rate of 1,036,000, an increase of 7.0 percent from thernsubstantially revised February estimate of 968,000 and 46.7 percent higher thanrnthe rate in March 2012 of 706,000. rnFebruary’s rate was initially reported at 917,000.</p

Single-family housing starts were at a seasonallyrnadjusted rate of 619,000, 4.8 percent below February’s revised estimate ofrn650,000, originally reported at 615,000 and 28 percent higher than single-familyrnstarts in February 2012.  An estimatedrn392,000 units were started in multi-unit buildings compared to 309,000 units inrnFebruary. </p

Housing Starts</p

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Residential units were completed at a rate ofrn800,000 compared to 721,000 in February, an increase of 11.0 percent.   Completionsrnof single family units are estimated at 593,000, up 2.6 percent from thernprevious month.  Residential completionsrnwere 36.3 percent higher than a year earlier and single-family completions werern34.8 percent above the older rate.</p

In the Northeast region permitting was up 24.7 percentrnon both a month-over-month and year-over-year basis.  Housing starts were down 5.8 percent fromrnFebruary but up 12.6 percent from March 2012 and completions rose 24.2 percentrnand 15.5 percent respectively. </p

Permitting decreased 2.4 percent in the Midwest comparedrnto February but rose 9.2 percent from a year earlier.  Housing starts were up 9.6 percent and 28.4rnpercent for the two periods.  Completionsrnincreased 2.7 percent from February but were down 6.6 percent from the samernperiod in 2012. </p

In the South there were 6.2 percent fewer permits inrnMarch than in February but 21.8 percent more than in March 2012.  Starts increased 10.9 percent and 58.2rnpercent and completions by 3.4 percent and 29.1 percent over the two respectivernperiods. </p

Permitting in the West was down 10.4 percent on arnmonthly basis and up 10 percent annually.  Starts were up 2.7 percent from February and increasedrn53 percent from March 2012.  Housingrnunits were completed at a rate that was 25.5 percent higher than in Februaryrnand 112.6 percent higher than a year earlier. rn

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About the Author


Steven A Feinberg (@CPAsteve) of Appletree Business Services LLC, is a PASBA member accountant located in Londonderry, New Hampshire.

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