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Housing Starts Down 22.3% Now At 1.216M – Biggest Slip Since ’84

By April 16, 2020Housing Starts

US Housing Starts is at a current level of 1.216M, down from 1.564M last month and up from 1.199M one year ago. This is a change of -22.25% from last month and 1.42% from one year ago. After riding the high coming into 2020, the outlook is bleak.
March 2020 Housing Starts Report
Housing Starts are the total number of single family houses that started construction in a given month in the US. Housing starts can be viewed as a forward looking metric to gauge the outlook for an economy. This metric most notably crashed during the 2007-2009 housing crisis.

New U.S. home construction declined in March from the previous month by the most since 1984 as the pandemic started to take a bigger toll on the housing market and broader economy.

Residential starts decreased 22.3% to an eight-month low of 1.22 million annualized rate, according to a government report released Thursday. The median forecast in a Bloomberg survey called for a 1.3 million pace. Applications to build, a proxy for future construction, fell 6.8% to a 1.35 million rate. ©2020 Bloomberg L.P.