Housing starts fall to slowest pace since 2017 led by flood-ravaged Midwest

Housing starts in March fell to the slowest pace in almost two years, according to a reportfrom the Department of Housing and Urban Development and the Department of Commerce. Residential starts slumped 0.3% to a 1.139 million annualized pace after a downwardly revised 1.142 million rate in the prior month, according to the report. The decrease was led by single-family starts while multifamily starts, a category including condominiums and apartments that tends to be more volatile, remained unchanged from the prior month. Permits, an indicator of future construction, fell 1.7% to a 1.27 million rate.

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