Residential Construction Lags Expectations, Except in the West

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Posted To: MND NewsWire

Contrary to expectations, all three of the residential construction measures from the U.S. Census Bureau and the Department of Housing and Urban Development fell in March . Not only were they lower than in February, but they were down year-over-year, and both permits and housing starts are running behind 2018 on a year-to-date (YTD) basis. The West was the only region to show any strength. Permits for residential units were at a seasonally adjusted annual rate of 1,269,000 units, a 1.7 percent decrease from the February estimate of 1,291,000. That estimate was also revised lower from an original estimate of 1,296,000. The March number was 7.8 percent lower than the rate a year earlier, 1,377,000 units. Analysts had expected permitting to range be at an annual rate of 1,300,000 units. Estimates...(read more)

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