US single-family housing starts rose to 13-month high
Single-family housing starts rose 9.7% in March to a 13-month high of 1.032 million units. However, permits for future construction fell as confidence weakened.
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United States single-family housing starts surged 9.7% in March to a 1.032 million-unit annual rate, a 13-month high. This surge follows a revised February pace of 941,000 units and marks an 8.9% year-on-year increase. While starts peaked, a 3.8% drop in permits suggests high mortgage rates and costs will stall future construction.
The Census Bureau reported single-family permits fell to 895,000 units in March. This 7.9% year-on-year decline indicates builders are pulling back as financing costs remain elevated.
