Housing starts fell in March as multifamily construction slows

04/17/2012 | Hill, The

Construction of new homes fell 5.8% in March, falling to a seasonal adjusted annual pace of 654,000 units, the Department of Commerce reported. A 16.9% decline in the construction of multifamily homes pulled down the month's housing starts. "While combined U.S. housing starts lost some ground in March, this was almost entirely due to typical month-to-month volatility on the multifamily side," said David Crowe, chief economist for the National Association of Home Builders.

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Hill, The