WASHINGTON, D.C. – The U.S. Department of Housing and Urban Development (HUD) and the U.S. Census Bureau jointly announced the following new conventional residential construction statistics for March 2018.
In a release from HUD to the Daily Business News, the following facts were revealed.
Building Permits: Privately owned housing units authorized by building permits in March were at a seasonally adjusted annual rate of 1,354,000. This is 2.5 percent (±1.4 percent) above the revised February rate of 1,321,000, but is 7.5 percent (±1.4 percent) above the March 2017 rate of 1,260,000. Single-family authorizations in March were at a rate of 840,000; this is 5.5 percent (±1.5 percent)* below the revised February figure of 889,000. Authorizations of units in buildings with five units or more were at a rate of 473,000 in March.
Housing Starts: Privately owned housing starts in March were at a seasonally adjusted annual rate of 1,319,000. This is 1.9 percent (±12.4 percent)* above the revised February estimate of 1,295,000 and is 10.9 percent (±10.0 percent)* above the March 2017 rate of 1,189,000. Single-family housing starts in March were at a rate of 867,000; this is 3.7 percent (±11.8 percent)* below the revised February figure of 900,000. The March rate for units in buildings with five units or more was 439,000.
Housing Completions: Privately owned housing completions in March were at a seasonally adjusted annual rate of 1,217,000. This is 5.1 percent (±16.0 percent)* below the revised February estimate of 1,282,000 and is 1.9 percent (±13.4 percent)* above the March 2017 rate of 1,194,000. Single-family housing completions in March were at a rate of 840,000; this is 4.7 percent (±12.3 percent)* below the revised February rate of 881,000. The March rate for units in buildings with five units or more was 317,000.
These statistics from HUD don’t include manufactured housing. The graphic below from Skyline and Champion reveal that manufactured housing has been underperforming for over a decade.
The latest manufactured home shipment report is linked below.
A new report by Up for Growth reveals that millions of housing units are needed.
An in depth look at their housing underproduction report, as it relates to manufactured housing is linked above. ## (News, analysis, and commentary.)
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