Ekonomické zprávy
16.04.2024

U.S. housing starts decline more than anticipated in March

The monthly report on new residential construction from the Commerce Department revealed on Tuesday that housing starts plunged by 14.7 per cent m-o-m in March to a seasonally adjusted annual pace of 1.321 million (the lowest level since August 2023 (1.305 million)), while building permits declined by 4.3 per cent m-o-m to a seasonally adjusted annual rate of 1.458 million (the lowest level since July 2023 (1.443 million)).

Economists had predicted housing starts of 1.480 million units for March and building permits of 1.514 million units.

Data for February was revised to show homebuilding growing at a pace of 1.549 million units, instead of rising at a rate of 1.521 million units as originally announced, and permits growing at a pace of 1.523 million units, instead of increasing at a rate of 1.524 million units as previously reported.

According to the report, permits for single-family homes, the largest segment of the market, decreased by 5.7 per cent m-o-m in March, while approvals for the multi-family homes segment (includes 2 to 4 and 5 or more housing units) fell by 1.2 per cent m-o-m.

In the meantime, groundbreaking on single-family homes tumbled by 12.4 per cent m-o-m in March, while multi-unit starts plummeted by 20.8 per cent m-o-m.

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