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US housing starts fell in March; still stronger than in 2016

19 April, 2017, 01:54 | Author: Paula Vaughn
  • US housing starts fell in March; still stronger than in 2016

New residential construction in the US pulled back sharply in the month of March, according to a report released by the Commerce Department on Tuesday, although the report also showed a rebound in building permits.

Starts of single-family homes were at a rate of about 821,000, a decrease of 6.2% compared with about 875,000 in February. Multifamily permits rose 13.8% to 437,000 units while single-family permits edged down 1.1% to 823,000.

Economists had forecast that starts fell 3% in March at a seasonally adjusted annual rate of 1.25 million, and that permits rose 2.8% at a rate of 1.25 million.

Kids Hunt For 10000 Easter Eggs At Hadley Park
Meanwhile in Boomtown, this was the first year that Cabela's was open for Easter, so they wanted to do something special. Lindsey Pierce brought her three kids to the egg hunt because she also enjoys watching her children having a fun time.

IBD'S TAKE: Homebuilders have market leaders in 2017, with D.R. Horton breaking out Monday past a buy point of 34.15 ahead of earnings later this week.

The pullback in March comes after February set a strong annual rate at 1.303 million units, which received a boost from mild weather allowing more projects to get underway than in years past. Permits were up 17.0% from the March 2016 rate. This has been reflected in recent strength in the NAHB/Wells Fargo Housing Market Index, which hit a cycle-high in March before falling back slightly in April. Completions for units in buildings with five units or more came in at 374,000.

During the first three months of this year, construction of buildings with at least five units - mainly apartment complexes - has climbed 14.1 percent. "Homebuyers should rest assured that new home building will continue to relieve their supply constraint in the long-run". "Since this one-time event reduced the number of construction projects in the pipeline, we hope this will translate into more starts in the coming months". The estimate fell within the range expected by economists surveyed by Bloomberg. "The early start to the construction season should also provide a much-needed lift to Q1 GDP growth".

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