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Housing Starts decreased by 8.8%

Tuesday, Apr 19 2016
New-home construction in the U.S. slumped more than projected in March, reflecting a broad-based retreat that showed the industry lost momentum heading into the busiest time of year. Residential starts decreased 8.8% to a 1.09 million annualized rate that was the lowest since October and weaker than any forecast of economists surveyed by Bloomberg, Commerce Department data showed Tuesday in Washington. Permits, a proxy for future construction, also dropped. Estimates of 78 economists polled ranged from 1.12 million to 1.22 million. The previous month was revised up to 1.19 million from a 1.18 million pace. 
Permits decreased 7.7 percent to a 1.09 million annualized rate, the fewest in a year. They were projected to rise to a 1.2 million rate after 1.18 million the prior month, according to the survey median. Construction of single-family houses dropped 9.2 percent to a 764,000 rate from 841,000 the previous month that was the strongest since October 2007. Work on multifamily homes, such as townhouses and apartment buildings, declined 7.9 percent to an annual rate of 325,000, the fewest since February 2015. Data on these projects, which have led housing starts in recent years, can be volatile.
 
Euro is currently being traded few points above 1.1330 level, Sterling is around 1.44 handle, while Aussie is at 0.7820 area.
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