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Building permits rose 1.6% in March but fell 0.2% over the year. Permits for single-family homes in March declined 2.0% from February and slipped 0.6% over the year. Meanwhile, permits for buildings with five or more units increased 10.1% from February but decreased 0.9% over the year.

In March, housing starts fell 11.4% from February but rose 1.9% from March 2024. Similarly, starts for single-family homes slumped 14.2% from February and declined 9.7% from March 2024. Meanwhile, starts for buildings with five or more units were flat over the month but soared 47.8% over the year.

Meanwhile, housing completions decreased 2.1% over the month but rose 3.9% over the year. On the other hand, single-family home completions grew 0.9% from February and 9.6% from March 2024. Completions for buildings with five or more units fell 8.2% over the month and 4.4% from one year ago.