Rise in the US Housing Starts, But Single-Family Homebuilding Lower
US homebuilding data for March exceeded the forecast. The rise was seen in multi-family housing building. Construction of a single-family units, however, declined, which pointed at a slowdown at the housing market. The Commerce Department reported, that housing starts increased 1.9% to a seasonally adjusted annual pace of 1.319M units.
Single-family homebuilding dropped 3.7% to a 867,000 units pace. Permits to build single-family homes fell 5.5% to the 6-month minimum of 840,000 unit-rate. Single-family home construction is expected to keep slowing. Starts for the multi-family housing segment increased 14.4% to a 452,000 units pace. Permits for the construction of multi-family homes rose 19% to a 514,000 unit-rate.
February figures were revised up to mark a fall to a 1.295 million-unit rate, comparing to 1.236M units. The Reuters’ projection suggested housing starts would increase to 1.262 million-units pace. Permits for future home building grew 2.5% percent to a 1.354 million-units rate.