Connect With PPD
Follow Us:
Economy

Housing Starts Fall, Building Permits Gain in Mixed March Report

(Photo: Reuters)

The Commerce Department said on Tuesday housing starts fell in the U.S. more than expected in March, but building permits indicate the market recovery remains intact. The construction of single-family homes in the Midwest recorded its biggest decline in three years, with overall housing starts falling 6.8% to a seasonally adjusted annual rate of 1.22 million units.

Single-family homebuilding, which account for the largest share of the residential housing market, fell 6.2% to an 821,000 unit pace last month, falling from a near 9-1/2-year high. In the Midwest, single-family starts tanked by 35%, the largest drop since January 2014 and the lowest level since August 2015.

Single-family starts in the Northeast were flat, while the South saw a 3.2% rise. The West also saw a decline of 5.5%.

Housing starts for February were revised up to a 1.30 million-unit pace from the previously reported 1.29 million-rate.

Still, building permits increased 3.6%, but were driven by a 13.8% gain in the multi-family segment.

Economists had forecast groundbreaking activity falling to a 1.25 million-unit pace last month. Homebuilding was up 9.2% compared to March 2016.

“March data are often difficult when seasonal factors, including heavy weather, are often at play,” Econoday said in reaction. “But the weakness in starts and strength in permits do point to a possible and favorable theme for the first-half economy in general: weakness in the first quarter followed by a sizable rebound in the second.”

READ FULL STORY

SubscribeSign In
PPD Business Staff

PPD Business, the economy-reporting arm of People's Pundit Daily, is "making sense of current events." We are a no-holds barred, news reporting pundit of, by, and for the people.

Share
Published by
PPD Business Staff

Recent Posts

Media’s Worst Russian Collusion Sins May Soon Be Repeated

The most damning journalistic sin committed by the media during the era of Russia collusion…

1 year ago

Study: Mask-Mandates and Use Not Associated With Lower Covid-19 Case Growth

The first ecological study finds mask mandates were not effective at slowing the spread of…

3 years ago

Barnes and Baris on Big Tech’s Arbitrary Social Media Bans

On "What Are the Odds?" Monday, Robert Barnes and Rich Baris note how big tech…

4 years ago

Barnes and Baris on Why America First Stands With Israel

On "What Are the Odds?" Monday, Robert Barnes and Rich Baris discuss why America First…

4 years ago

Personal Income Fell Significantly in February, Consumer Spending Weaker than Expected

Personal income fell $1,516.6 billion (7.1%) in February, roughly the consensus forecast, while consumer spending…

4 years ago

Study: Infection, Vaccination Protects Against Covid-19 Variants

Research finds those previously infected by or vaccinated against SARS-CoV-2 are not at risk of…

4 years ago

This website uses cookies.