Poor housing data adds to signs of weak Q1 GDP growth
March housing starts fall; permits for future home construction at 1-year low
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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.
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