The Commerce Department’s U.S. Census Bureau today released data on new residential construction in March 2011. Permits for new housing units increased 11.2 percent, significantly exceeding private-sector expectations of a 3.0-percent rise. Housing starts increased 7.2 percent, compared with private-sector expectations of a 10.0-percent rise.

“Despite continued volatility, today’s numbers show welcome growth within the housing market,” U.S. Commerce Secretary Gary Locke said. “With 230,000 private-sector jobs added in March in industries from manufacturing to education to construction, there are positive signs for widespread growth throughout the economy and a stronger housing market in the coming year.”

NEW RESIDENTIAL CONSTRUCTION IN MARCH 2011

The U.S. Census Bureau and the Department of Housing and Urban Development jointly announced the following new residential construction statistics for March 2011:

BUILDING PERMITS

Privately-owned housing units authorized by building permits in March were at a seasonally adjusted annual rate of 594,000. This is 11.2 percent (±2.6%) above the revised February rate of 534,000, but is 13.3 percent (±1.3%) below the March 2010 estimate of 685,000.

Single-family authorizations in March were at a rate of 405,000; this is 5.7 percent (±1.1%) above the revised February figure of 383,000. Authorizations of units in buildings with five units or more were at a rate of 173,000 in March.

HOUSING STARTS

Privately-owned housing starts in March were at a seasonally adjusted annual rate of 549,000. This is 7.2 percent (±18.0%)* above the revised February estimate of 512,000, but is 13.4 percent (±9.1%) below the March 2010 rate of 634,000.

Single-family housing starts in March were at a rate of 422,000; this is 7.7 percent (±15.0%)* above the revised February figure of 392,000. The March rate for units in buildings with five units or more was 117,000.

HOUSING COMPLETIONS

Privately-owned housing completions in March were at a seasonally adjusted annual rate of 509,000. This is 14.2 percent (±13.9%) below the revised February estimate of 593,000 and is 20.8 percent (±9.6%) below the March 2010 rate of 643,000.

Single-family housing completions in March were at a rate of 374,000; this is 22.2 percent (±9.4%) below the revised February rate of 481,000. The March rate for units in buildings with five units or more was 130,000.