US housing starts fall by more than expected in March

(Sharecast News) - Builders broke ground on fewer new homes last month than anticipated. According to the U.S. Department of Labor, in seasonally adjusted terms housing starts dropped at a month-on-month pace of 14.7% in March to reach an annual rate of 1.321m (consensus: 1.48m).

Starts for single family homes fell by 12.4% to 1.022m.

Permits meanwhile, which are considered to be a lead indicator for starts, dropped by 4.3% to 1.458m (consensus: 1.514m).

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