Snow Dumps on Housing Market
This winter’s plethora of snow and bad weather was behind much of the economic news lately, from unemployment claims to retail sales. Housing starts are no exception.
Snow in February sunk housing starts in the South and Northeast, where starts declined by about 10 to 15 percent; starts rose in the Midwest and West. Multifamily starts dropped a steep 30.3 percent overall.
The pace of permits continued to fall, which signals a slowdown for new housing in the upcoming months.