Residential Building

Residential building in March was reported at $251.4 billion (annual rate), essentially even with the previous month. Single-family housing edged up a slight 1 percent, due to a mixed pattern by major region – the Northeast, up 19 percent; the Midwest, up 4 percent; the South Central, up 1 percent; and the South Atlantic and the West, each down 1 percent.

In effect, there’s not been much change from the flat pattern for single-family housing at the U.S. level that emerged during 2014, following strong percentage growth in both 2012 (up 29 percent) and 2013 (up 27 percent).

Multifamily housing in March receded 4 percent, staying close to the heightened amount achieved in February when a 45 percent increase was reported. There were nine multifamily projects valued at $100 million or more that reached groundbreaking during March, with the top four located in the New York metropolitan area – two in Brooklyn valued at $385 million and $197 million respectively, and two in Manhattan valued at $168 million and $150 million respectively.