US privately owned housing starts for March totaled the highest amount for the month in the past 10 years, with the pace at a 10-year high through the first quarter, federal data released Tuesday showed.
Privately owned housing starts in March reached 1.215 million, down 7% from a revised February rate of 1.303 million but 9% higher than the March 2016 total of 1.113 million, according to the data from the US Census Bureau and the Department of Housing and Urban Development.
The March figure represents the highest level for the month since reaching 1.48 million in March 2007. The pace after the first three months of the year stands at a 10-year high of 3.759 million, the data showed.
Petrochemical producers use housing starts data to gauge demand for products such as methanol, polyvinyl chloride, phthalic anhydride, solvents and other products used to make a variety of construction materials.
The March starts pushed the streak of housing starts of at least 1 million units to 24 consecutive months after more than five years below that level.
Building permits in March climbed to 1.26 million, up 3.6% from the revised February total of 1.216 million and 17% higher than the March 2016 total of 1.077 million.
