Economy

Housing starts slip to seven-month low in March
Written by Brett Linton
April 16, 2024
Following a strong February, US housing starts eased through March to a seven-month low, according to the most recent data from the US Census Bureau.
This decline is accredited to higher-than-expected interest and inflation rates, as well as higher supply costs and tighter lending conditions for builders, the National Association of Home Builders (NAHB) said.
Total housing starts stood at a seasonally adjusted annual rate (SAAR) of 1,321,000 units in March, a 14.7% reduction from the revised February estimate, and 4.3% below the March 2023 rate, Census said.
Single‐family housing starts in March were 1,022,000, down 12.4% from the revised February figure of 1,167,000.
“Builders are grappling on several fronts as the inflation fight continues,” Carl Harris, chairman of the NAHB, said in a statement.
“Higher interest rates are increasing the cost of housing for prospective home buyers and raising the development and construction cost for builders of homes and apartments,” he added.
Regionally, combined single-family and multi-family starts were mixed across the nation month over month (m/m). They fell 21.7% in the Northeast and 0.4% in the South, while starts rose 6.0% in the Midwest and 14.0% in the West.
At the same time, the overall number of privately owned housing units authorized by building permits fell 4.3% from February to March to a SAAR of 1,460,000. Single family building permits were 5.7% lower m/m while multi-family permits eased 1.2% from February.


Brett Linton
Read more from Brett LintonLatest in Economy

US sets Section 232 tariffs on trucks and buses
Medium- and heavy-duty trucks (MHDV) and buses imported to the US will start being charged Section 232 tariffs beginning Nov. 1.

AMU: Consumer auto delinquencies: Warning sign for consumer health?
The Consumer Federation of America estimates rising total auto debt at a staggering $1.66 trillion, along with increasing repossessions and a sharp increase in delinquencies.

Beige Book: Regional market growth remains mostly flat
Economic growth in some US regions in September was offset by challenges in others, causing the market to appear largely unchanged overall, according to the Federal Reserve’s latest Beige Book report.

ISM September survey captures deepening manufacturing gloom
The Institute for Supply Management’s (ISM) latest monthly report on manufacturing reflects a bleak view of American industry in September.

Key industries concerned over government shutdown’s impact on steel, manufacturing
Trade groups cautioned that a prolonged shutdown could strain US industry.