Housing Bubble
Housing Starts rise higher than expected, building permits fall
Privately-owned housing starts in March were at a seasonally adjusted annual rate of 1,780,000 according to estimates reported today by the U.S. Commerce Department's Census Bureau. This is 8.3 percent above the revised February estimate of 1,644,000 and is 6.3 percent above the March 2002 rate of 1,675,000.
This is the largest rise since September 2002 although ecomomists had predicted an increase due to bad weather in February.
Single-family housing
starts in March 2003 were at a rate of 1,414,000; this is 7.7 percent
above the February figure of
1,313,000. The March estimate for units
in buildings with five units or more was 329,000.
Building Permits
Privately-owned housing units authorized by building permits in March were at a seasonally adjusted annual rate of 1,685,000. This is 7.0 percent below the revised February rate of 1,811,000, but is 3.4 percent above the March 2002 estimate of 1,629,000.
This figure represents the largest fall since March 2002.
Single-family authorizations in March were at a rate of 1,307,000; this is 1.0 percent below the February figure of 1,320,000. Authorizations of units in buildings with five units or more were at a rate of 311,000 in March.
Housing Completions
Privately-owned housing completions in March were at a seasonally adjusted annual rate of 1,631,000, according to estimates released jointly today by the U.S. Census Bureau and the U.S. Department of Housing and Urban Development. This is 2.7 percent below the revised February estimate of 1,676,000, but is 3.5 percent above the March 2002 rate of 1,576,000.
Single-family
housing completions in March 2003 were at a rate of 1,334,000; this
is 0.1 percent below the February
figure of 1,335,000. The March
rate for units in buildings with five units or more was 249,000.
