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Financial News: U.S. Housing Starts Unexpectedly Rise 0.3% In March

U.S. Housing Starts Unexpectedly Rise 0.3% In March

04/19/2022 - 08:39:00 (RTTNews)

(RTTNews) - New residential construction in the U.S. expectedly saw modest growth in the month of March, according to a report released by the Commerce Department on Tuesday.

The report showed housing starts rose by 0.3 percent to an annual rate of 1.793 million in March after spiking by 6.5 percent to a revised rate of 1.788 million in February.

The uptick surprised economists, who had expected housing starts to fall by 1.4 percent to a rate of 1.745 million from the 1.769 million originally reported for the previous month.

The Commerce Department said building permits also climbed by 0.4 percent to an annual rate of 1.873 million in March after slumping by 1.6 to a revised rate of 1.865 million in February.

Building permits, an indicator of future housing demand, had been expected tumble by 1.8 percent to a rate of 1.825 million from the 1.859 million originally reported for the previous month.

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