Single-family home-builds in US see biggest decline in three years
Washington — Building of single-family homes in the US fell in March as their construction in the Midwest recorded its biggest decline in three years, likely reflecting bad weather. Housing starts declined 6.8% to a seasonally adjusted annual rate of 1.22-million units, the US Commerce Department said on Tuesday. February’s starts were revised up to a 1.30-million-unit pace from the previously reported 1.29-million-rate. Economists polled by Reuters had forecast ground-breaking activity falling to a 1.25-million-unit pace last month. Home-building was up 9.2% compared to March 2016. Construction in February was boosted by unseasonably warm temperatures, but temperatures dropped in March and a storm lashed the Northeast and Midwest regions, which could account for the drop in home-building last month. Single-family home-building, which accounts for the largest share of the residential housing market, fell 6.2% to a 821,000-unit-pace last month. Single-family starts in the Midwest dec...
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