US housing starts fall 14.7% in March, lowest since August

By Ovunc Kutlu

ISTANBUL (AA) - US housing starts plummeted 14.7% in March to their lowest since August last year, according to data released Tuesday.

Housing starts, which measure the change in the number of new residential buildings beginning construction, stood at 1.321 million, according to the Census Bureau and the Department of Housing and Urban Development.

The figure came lower than market estimates of 1.480 million, while the February figure was revised from 1.521 million to 1.549 million, or from a gain of 10.7% to 12.7%.

Housing starts in March, meanwhile, were annually down 4.3%, compared to the same month last year when they stood at 1.38 million.

Building permits, a key indicator of market demand, decreased 4.3% to 1.458 million in March.

That figure also was lower than expectations of 1.514 million. The February figure was revised from 1.489 million to 1.523 million, or from an increase of 1.9% to 2.3%.

Building permits were up 1.5% in March, from the same month last year when they stood at 1.437 million.