Poor housing data adds to signs of weak Q1 GDP growth

Washington

US housing starts fell more than expected in March and permits for future home construction hit a one-year low, suggesting some cooling in the housing market in line with signs of a sharp slowdown in economic growth in the first quarter.

Groundbreaking decreased 8.8 per cent to a seasonally adjusted annual pace of 1.09 million units, the lowest level since October, the Commerce Department said on Tuesday. February's starts were revised up to a 1.19 million unit rate from the previously reported 1.18 million unit pace.