March 2024 Monthly New Residential Construction: Downtrend in Housing Starts

The March 2024 release by the U.S. Census Bureau detailed a significant downturn in new residential construction activities. The seasonally adjusted annual rates (SAAR) for building permits stood at 1,458,000, a 4.3% decrease from February, while housing starts sharply declined by 14.7% to 1,321,000. Despite this, housing completions slightly bucked the trend with a total of 1,469,000, up by 1.5% from March 2023. These figures underscore the volatile nature of housing market dynamics amidst economic pressures. Interesting Takeaway: Although the broader figures indicate a decrease, the rate for units in buildings with five units or more remained stable at 433,000 for both February and March, highlighting a steady demand in the multi-family segment which might reflect shifting housing preferences or investment strategies.