Economics
U.S. Housing Starts Slumped in March by the Most Since 1984
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New U.S. home construction declined in March from the previous month by the most since 1984 as the pandemic started to take a bigger toll on the housing market and broader economy.
Residential starts tumbled 22.3% to a 1.22 million annualized rate, an eight-month low, according to a government report released Thursday. The median forecast in a Bloomberg survey called for a 1.3 million pace. Applications to build, a proxy for future construction, fell 6.8% to a 1.35 million rate.