March 2022 Residential Construction – US Census Bureau 

Over the first quarter we saw residential permits start the new year off strong but have stalled over the past two months. From February to March of 2022, we saw a positive growth of +0.4% and an increase of 6.7% from March of 2021 in total permits. In the single-family market however, there was a –4.8% decrease from February of 2022 and a –3.9% decrease from March of 2021.  

Units permitted but not started increased by +2.9% from February of 2022 and by +22.3% from March of 2021. Single family units however were down –0.7% from last month. Despite that, units not started remains up 22.3% from last year suggesting there is still a large backlog of work.  Similarly in the multi-family market units not started has increased +30.9% from March 2021 and +7.6% from February 2022.  

Units started has increased by +0.3% from February 2022 and 3.9% from March 2021 suggesting that workers are either returning to the workforce or that some producitivity has been regained in the last months of the pandemic. This breaks out to a –1.7% decrease month/month in the single-family market and –4.4% year/year and a 7.5% increase month/month, +20.1% year/year in the multi-family market.  

Meanwhile units under construction increased +2.3% from last month and +24.1% from last year.  Multi-family developments were up +3.4% from last month and +21% from last year. Single-family units saw a similar pattern up +1.2% from last month and +27.3% from last year. Completions for March 2022 were down –4.5% from February of 2022 and –13% from March 2021. Single family ended down –6.4% from February 2022 and –3.3% from March 2021. Multi-family showed some positive signs, up +1% from last month however down –36.1% from March 2021.