Privately owned housing starts in March were at a seasonally adjusted annual rate of 1,739,000, which is 19.4% above the revised February estimate of 1,457,000 and is 37% above the March 2020 rate of 1,269,000, according to the latest new residential construction report from the U.S. Census Bureau and the Department of Housing and Urban Development. Single-family housing starts last month were at a rate of 1,238,000, or 15.3% above the revised February figure of 1,074,000. The March rate for units in buildings with five units or more was 477,000. "Today's new residential construction report from the Census Bureau showed an expected bounce-back in the pace of housing starts over the month of March following a cold weather-induced slump in February,” says Doug Duncan, chief economist at Fannie Mae. “While much of the month’s strength reflects the delayed start of projects that would have likely occurred in February if not for extremely cold weather, the underlying trend in home construction remains strong.”