Finishing up an exceptionally strong first quarter in which housing proved to be a significant growth factor for the national economy, nationwide housing starts retreated 7.8 percent to a healthy seasonally adjusted annual rate of 1.65 million units in March, according to the U.S. Commerce Department.

A report on www.nahb.com, the Web site of the National Association of Home Builders (NAHB), Washington, D.C., said the drop was expected and that it came on the heels of the best month for new-home production in more than three years.

“Today's report shows housing production is right in line with our forecasts, and the decline is certainly no cause for alarm in the housing industry,” said Gary Garczynski, president of the NAHB and a builder/developer from Woodbridge, Va.

March's decline in housing starts was confined to the single-family sector, where production slowed 11.4 percent to a rate of 1.3 million units. Multifamily housing starts rallied in March, rising nearly 9 percent to a seasonally adjusted annual rate of 343,000 units. The rise in apartment building was entirely responsible for a 15.5 percent gain in housing starts registered in the Northeast, while every other region recorded declines in overall housing production. In the South, the shortfall was almost 13 percent, while in the Midwest it was 7 percent and in the West it was 6.2 percent.

Housing permits, which can be an indicator of future building activity, also fell in March, by about 10 percent overall to a 1.6 million-unit rate. Single-family permits were down 10.2 percent to 1.2 million units, while multifamily permits were down 8.6 percent to 361,000 units. “These are still quite good numbers,” Garczynski noted. “For the year as a whole, we're on pace to produce about 1.64 million new housing units, up by about 2 percent from last year.”

It's easy to have your company included in the pages of Electrical Wholesaling's Bulletin Board. It's as simple as submitting a description and photographs.

Some of the subjects covered in Bulletin Board include:

• Charitable Events/Donations
• Product Promotions
• Contests
• Distributor Support/Training
• Ground Breakings
• Industry Awards/Recognitions

Send pertinent information to Sarah Tobaben Dolash, Managing Editor, 9800 Metcalf Ave., Overland Park, KS 66212. Or you may e-mail information to sdolash@primediabusiness.com. All electronic photos should be no smaller than 300 dots per inch. Questions? Call (913) 967-1796.

Want to use this article? Click here for options!
© 2007 Penton Media, Inc.