US Housing Starts Rise 1.9% in March
Housing starts in the US rose 1.9 percent month-over-month to an annualized rate of 1,319 thousand in March of 2018, following a downwardly revised 3.3 percent drop in February. It compares with market expectations of a 1,260 thousand rate. Starts of multi-family housings rebounded while the number of single-family starts was the lowest in three months.
The volatile multi-family segment surged 16.1 percent to 439 thousand while single-family starts, the largest segment of the market, went down 3.7 percent to 867 thousand. Overall, housing starts rose in the Midwest (22.4 percent to 180 thousand) and the Northeast (0.8 percent to 132 thousand) but fell in the South (-0.6 percent to 621 thousand) and the West (-1.5 percent to 386 thousand).
Building permits increased 2.5 percent from the previous month to a seasonally adjusted annual rate of 1,354 thousand, beating market expectations of 1,323 thousand. Multi-family authorizations surged 19 percent to 514 thousand while single-family permits dropped 5.5 percent to 840 thousand. Building permits rose in the South (2.1 percent to 632 thousand), the West (3 percent to 379 thousand) and the Midwest (9 percent to 205 thousand) but fell in the Northeast (-5.5 percent to 138 thousand).
4/17/2018 12:46:58 PM