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Housing starts fell in March

Washington – After showing strength in February, housing starts in the U.S. reversed course last month, the Commerce Department reported today.

Housing starts tumbled 10.8% to a seasonally adjusted annual rate of 510,000 units, down 10.8%  from a revised 572,000 units a months earlier.

New starts were strongest in the South, with 268,000 units and the Midwest with 102,000. The weakest areas of the country for new starts were the West with 73,000 units, and the Northeast with 67,000.

Today’s report also brought unpleasant news about future construction projects. New building permits fell 9% from the previous month to 513,000 units, a record low.

 

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