March Sees 11.4 Percent Drop in U.S. Housing Starts
(MENAFN) Data released on Thursday revealed that US housing starts experienced an 11.4% decrease month-over-month in March. The Census Bureau and the Department of Housing and Urban Development reported that new residential construction projects fell to 1.324 million.
Analysts had anticipated a March figure of 1.420 million. Additionally, the February numbers were adjusted downward from 1.501 million to 1.494 million, altering the reported increase from 11.2% to 9.8%.
On a year-over-year basis, March housing starts showed a modest increase of 1.9% compared to the same month last year.
In contrast, building permits, which serve as a vital gauge of market demand, rose by 1.6% from the previous month, reaching a total of 1.482 million in March. This figure surpassed market expectations of 1.45 million.
However, building permits in March were slightly down by 0.2% compared to March 2024, when they stood at 1.485 million.
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