Housing starts for March surprised to the upside today with a bigger than expected rise in units and permits. The data continues to adjust from weather-related effects in February, showing that the South recovered from February snowstorms and gave the index its big boost — all other regions fell. The real surprise in the report: the larger-than-expected jump came from increased activity in multi-family starts, not single family starts.
The data remains choppy to date, but it will be interesting to see if the multifamily market continues to dominate residential housing news and trends stronger in the next few months – another negative for the single-family home market.
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