by Although the number of permits rose slightly nationwide year over year, the number of housing starts and completions fell
WASHINGTON — March building permits for residential construction rose slightly from the same period in 2023, while housing starts and completions were down for the same period.
According to data released by the U.S. Department of Housing and Urban Development earlier this week, the number of building permits issued rose 1.5% to 1,458.000, from 1,437,000 in March 2023. They were down 4.3% from the revised February rate of 1,523,000. The figures included single-family permits, which totaled 973,000 in March, down 5.7% below the revised February figure of 1,032,000.
Housing starts totaled 1,321,000 in March, 4.3% below the revised February estimate of 1,549,000 and 14.7% below the revised February figure of 1,549,000. Single-family housing starts in March totaled 1,022,000, down 12.4% from the revised February estimate of 1,167,000.
Meanwhile, there were 1,469,000 housing completions in March, down 3.9% from the rate of 1,528,000 in March and 13.5% below a revised February estimate of 1,698,000. Single-family units completed in March totaled 947,000, compared to a revised February rate of 1,058,000, a 10.5% decrease.
By region, the activity was as follows:
In the Northeast, there were 40,000 building permits issued, up 21.2% from the 33,000 issued in March 2023 and also up 21.2% from the 33,000 issued in February. There were 80,000 residential units started, down 56.8% from the 185,000 units started in March 2023 and down 36% from the 125,000 issued in February. There were 74,000 units completed, down 38.3% from the 135,000 completed in March 2023 and down 45.2% from the 120,000 completed in February.
In the Midwest, there were 22,000 permits issued in March, up 4.8% from the 21,000 issued in March 2023 and unchanged from February. There were 157,000 residential units started, up 18% from the 133,000 started in March 2023 but down 23% from 204,000 in February. There were 184,000 units completed, down 14.4% from the 215,000 completed last year and down 32.1% from the 271,000 completed in February.
In the South, there were 148,000 residential building permits issued in March, down 14.5% from the 173,000 issued in March, and down 2% from the 151,000 issued in February. There were 736,000 units started in March, down 11% from 827,000 started in March 2023 and down 17.8% from the 895,000 started in February. There were 832,000 units completed in March, up 9.3% from the 761,000 completed in March 2023 but down 14.2% from the 970,000 completed in February.
In the West, there were 63,000 building permits issued in March, down 1.6% from the 64,000 issued in March 2023 and down 3.1% from the 65,000 issued in February. There were 348,000 units started, up 48.1% from the 235,000 started last year and up 7.1% from the 325,000 started in February. There were 379,000 units completed, down 9.1% from the 417,000 units completed in March 2023 but up 12.5% from the 337,000 completed in February.
The numbers help give furniture retailers a read on the new housing activity happening in their respective regions of the country, particularly the units that are just getting started. As those units reach completion in the coming months, they have the opportunity to promote new furniture on their floors so that consumers have plenty to choose from as they begin the move into their new homes.
