The U.S. Census Bureau and the Department of Housing and Urban Development jointly announced the following new residential construction statistics for March 2012:

BUILDING PERMITS

Privately-owned housing units authorized by building permits in March were at a seasonally adjusted annual rate of 747,000. This is 4.5 percent above the revised February rate of 715,000 and is 30.1 percent above the March 2011 estimate of 574,000.

Single-family authorizations in March were at a rate of 462,000; this is 3.5 percent below the revised February figure of 479,000. Authorizations of units in buildings with five units or more were at a rate of 262,000 in March.

HOUSING STARTS

Privately-owned housing starts in March were at a seasonally adjusted annual rate of 654,000. This is 5.8 percent below the revised February estimate of 694,000, but is 10.3 percent above the March 2011 rate of 593,000.

Single-family housing starts in March were at a rate of 462,000; this is 0.2 percent below the revised February figure of 463,000. The March rate for units in buildings with five units or more was 178,000.

HOUSING COMPLETIONS

Privately-owned housing completions in March were at a seasonally adjusted annual rate of 600,000. This is 4.2 percent above the revised February estimate of 576,000 and is 0.5 percent above the March 2011 rate of 597,000.

Single-family housing completions in March were at a rate of 440,000; this is 1.4 percent above the revised February rate of 434,000. The March rate for units in buildings with five units or more was 146,000.