WASHINGTON - Housing production grew 2.8 percent nationwide beyond an upwardly revised February rate of 920,000 to a seasonally adjusted annual rate of 946,000 units in March, reported by newly released figures from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau. The gains were led by 6 percent growth in single-family starts in March, while multifamily starts fell 6.1 percent.
"Today's report is in line with our forecast of a gradual strengthening in the housing sector in 2014," said David Crowe, the National Association of Home Builders’ chief economist. "However, several uncertainties including tight credit conditions for home buyers and erratic job growth are making builders cautious about getting ahead of demand."
Regionally last month, joint single- and multifamily housing production jumped in the Northeast and Midwest 30.7 percent and 65.5 percent, respectively, but dipped 9.1 percent and 4.5 percent in the South and West, respectively.
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