US housing starts beat expectations in March

The US Department of Commerce has released housing start and building permit statistics for March.

Consequently, the initiation of housing decreased 0.8 percent in March compared to the previous month and was reduced to 1 million 420 thousand.

Home starts, which beat market expectations, were expected to be 1.4 million. Housing starts stood at 1 million 432 thousand in February.

Home starts in the country also fell 17.2 percent on-year in March.

BUILDING PERMITS DID NOT MEET EXPECTATIONS

Building permits fell 8.8 percent monthly in March to 1,413,000. In this period, building permits, which were below expectations, were expected to be 1,450,000.

Construction permits were at the level of 1 million 550 thousand in February.

Building permits in the US were also down 24.8 percent year-on-year in March. (AA)