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Thursday, March 30, 2023

American housing started at a very fast pace in 16 years

According to a report released Tuesday by the United States Census Bureau and the Department of Housing and Urban Development, builders have increased the production of multi-family projects in March, the highest level in the U.S. since March 2006.

The start-up of privately owned homes increased by 0.3 percent in February, up 1.79 million from the revised annual rate, up 3.9 percent from 1.72 million in March 2021. The increase in start-up shows the strongest momentum for multi-family construction since January 2020.

Meanwhile, family housing, which began in March, has dropped by 1.7 percent to 1.2 million last month. Rooms in buildings with five or more rooms cost 574,000.

Construction licenses for privately owned units rose by 0.4 percent in February, up from 1.87 million per year, which economists won by 2.1 percent. Those licenses are 6.7 percent higher than the 1.75 million by March 2021.

The number of single-family homes licensed in March fell 4.8 percent from 1.8 million last month. The number of rooms in a building with five or more rooms was 672,000.

Completion of privately owned homes fell by 4.5 percent in February, reaching an annual turnover of 1.3 million. The decline is down 13.0 percent from 1.5 million in March 2021.

Single-family homes also fell 6.4 percent in March from 1.0 million. Meanwhile, rooms in buildings with five or more rooms cost $ 292,000.

According to a report released by the National Association of Home Builders on Monday, constructive confidence fell by 2 points in April, amid material shortages and rising mortgage prices.

Email Lilian Dixon

World Nation News Desk
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