Housing Starts Tumble
April 25, 2005,
Home builders slammed on the brakes during March, beset in part by bad weather, and housing starts tumbled 17.6 percent, their biggest one-month drop in 14 years.
Single-family home starts fell 14.4 percent, to a 1.54 million unit rate during March. And multifamily starts, which tend to fluctuate from month to month, plummeted 31 percent, cooling off after exceptionally large gains in January and February.
Breaking activity out on a regional basis, starts were off 29.3 percent in the Midwest; 18 percent in the South; 12.7 percent in the West; and 3.6 percent in the Northeast.
“The March decline in housing starts was, to some degree, weather-related, said David Seiders, chief economist of the National Association of Home Builders.