Mar. Housing Starts Rise 7% to 549K; Building Permits Jump 11%
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Housing starts last month failed to regain lost ground from the prior month, as homebuilders continue to lag behind the rest of the economic recovery.
The Commerce Department reported Tuesday that housing starts rose 7.2 percent to an annual pace of 549,000 units in March. The result did surpass the economist expectation of 520,000.
Housing starts fell 19 percent in February to the lowest level seen in nearly two years. The February result was revised up to a 512,000 pace, up from a previously estimated 479,000.
Building permits, an indicator of future construction, rose 11 percent to a pace of 594,000. Permits were expected to rise just 540,000 units.
Single-family home construction increased 7.7 percent to 422,000 last month, while work on multifamily homes increased 5.8 percent to an annual rate of 127,000.
The SPDR S&P Homebuilders ETF (NYSE: XHB) is up 0.98 percent Tuesday morning.
The Commerce Department reported Tuesday that housing starts rose 7.2 percent to an annual pace of 549,000 units in March. The result did surpass the economist expectation of 520,000.
Housing starts fell 19 percent in February to the lowest level seen in nearly two years. The February result was revised up to a 512,000 pace, up from a previously estimated 479,000.
Building permits, an indicator of future construction, rose 11 percent to a pace of 594,000. Permits were expected to rise just 540,000 units.
Single-family home construction increased 7.7 percent to 422,000 last month, while work on multifamily homes increased 5.8 percent to an annual rate of 127,000.
The SPDR S&P Homebuilders ETF (NYSE: XHB) is up 0.98 percent Tuesday morning.
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