US March Housing Start-up Annual Rate Nears Two-Year Low

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      The second consecutive monthly decline in housing starts in March, announced by the Ministry of Commerce on Friday, may partly reflect the impact of floods in the Midwest, where housing starts fell to their lowest level since early 2015.
Prior to the weak report, a number of recently released data, including retail sales, trade and construction spending, showed that the U.S. economy picked up again in the first quarter after a preliminary faltering year.
"Waiting for construction activity to pick up after mortgage rates plummet is as futile as waiting for Gordo," said Chris Rupkey, chief analyst at MUFG in New York. "It's hard to know what's causing the housing industry to be weak."
Housing starts fell by 0.3% last month, with a seasonally adjusted annual rate of 1.39 million households, the lowest since May 2017. In February, the annual rate was revised down to 11.42 million households, with the former value of 1.62 million households.
In the flood-stricken central and Western regions, housing starts fell by 17.6% last month. Housing starts also declined in the Northeast and South, but increased significantly in the West.
Analysts surveyed by Reuters had predicted that the annual housing start-up rate would rise to 12.3 million households in March.


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