Housing Starts Down in March on Coronavirus Effects
Reflecting the growing impact of the COVID-19 pandemic, total housing starts decreased 22.3 percent in March from a downwardly revised February reading to a seasonally adjusted annual rate of 1.22 million units, according to a report from the U.S. Housing and Urban Development and Commerce Department. Meanwhile, overall permits declined 6.8 percent to 1.35 million.
The March reading of 1.22 million starts is the number of housing units builders would begin if they kept this pace for the next 12 months. Within this overall number, single-family starts decreased 17.5 percent to an 856,000 seasonally adjusted annual rate. The multifamily sector, which includes apartment buildings and condos, decreased 31.7 percent to a 360,000 pace.