Pursuits
Housing Starts in U.S. Slumped More Than Forecast in March
- Retreat was broad-based with single- and multifamily weak
- Permits also declined, lowering the odds of a quick rebound
A home under construction in Glenelg, Maryland.
Photographer: Andrew Harrer/BloombergThis article is for subscribers only.
New-home construction in the U.S. slumped more than projected in March, reflecting a broad-based retreat that showed the industry lost momentum heading into the busiest time of year.
Residential starts decreased 8.8 percent to a 1.09 million annualized rate that was the lowest since October and weaker than any forecast of economists surveyed by Bloomberg, Commerce Department data showed Tuesday in Washington. Permits, a proxy for future construction, also dropped.