U.S. Housing Starts Rebounded in March
By Xavier Fontdegloria
Construction of new homes in the U.S. increased sharply in March
following a weather-related decline the previous month, data from
the Commerce Department showed Friday. Here are the main takeaways
from the report:
--Housing starts, a measure of U.S. homebuilding, rose by 19.4%
in March compared with February, to a seasonally adjusted annual
rate of 1.739 million. This is above the consensus forecast from
The Wall Street Journal poll of economists, who expected starts to
increase by 14% to an annual pace of 1.62 million.
--The current level of starts is 37.0% above compared with the
same month a year earlier.
--In February, housing starts amounted to an upwardly revised
1.457 million from an earlier estimate of 1.421 million.
--Monthly housing starts data are volatile and are often
revised. March data came with a margin of error of 13.7 percentage
--Residential permits, which can be a bellwether for future home
construction, increased by 2.7% in March, at a seasonally adjusted
annual rate of 1.766 million. The figure missed economists'
forecasts of a 4% rise.
--U.S. housing starts report for March compares with April's
indicator compiled by the National Association of Homebuilders,
which showed a slight increase of confidence in the single-family
housing market, remaining at robust levels.
Write to Xavier Fontdegloria at email@example.com
(END) Dow Jones Newswires
April 16, 2021 09:04 ET (13:04 GMT)
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