U.S. new-home construction rose by more than forecast in March on a rebound in multifamily starts, giving a boost to first-quarter economic growth, government figures showed Tuesday.
Residential starts rose 1.9% to 1.32m annualized rate (est. 1.27m) after upwardly revised 1.3 mln pace in prior month.
Multifamily home starts rose 14.4%; single-family fell 3.7%
Permits, a proxy for future construction of all types of homes, rose 2.5% to 1.35m rate (est. 1.32m) after 1.32m pace.
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The good news? Its taken over 20 years to recover from Clinton’s disastrous National Homeownership Strategy, a HUD directive to their “partners.”
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