As we ease into the warmer spring temperatures and the peak building season, housing starts data is beginning to equalize on a national level. We typically caution that it is important to remain grounded when monthly data presents us with significant swings, and March’s data is no different. On the heels of February’s improbable surge, housing starts dipped significantly in March as there were signs of a sharp economic slowdown and the US dollar (USD) lost strength.
March 2016 housing starts were at a seasonally-adjusted annual rate (SAAR) of 1,089,000, or 8.8 percent below the revised February estimate of 1,194,000. This number is also 14.2 percent above the March 2015 rate of 954,000. Additionally, single-family housing starts were at a rate of 764,000, which is 9.2 percent below the revised February figure of 841,000.