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US housing starts, permits miss estimates in March

by ChemOrbis Editorial Team - content@chemorbis.com
  • 20/04/2016 (11:08)
According to data from the US Commerce Department, US housing starts fell 8.8% to an annualized rate of 1.09 million units in March from February’s upwardly revised 1.19 million units, falling steeply short of economists’ median forecast, which called for a pace of 1.17 million units in a survey by Bloomberg.

Construction starts on single-family houses dropped 9.2% to an annualized pace of 764,000 units in March while housing starts for volatile multi-family units fell 7.9% to an annualized pace of 325,000 units, the slowest pace since February 2015. Housing starts slumped 25.4% in the Midwest; however, starts surged 61.3% in the Northeast.

Meanwhile, building permits, an indicator of future construction, declined 7.7% to an annualized pace of 1.09 million units in March from 1.18 million units in the previous month.
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