WASHINGTON – U.S. builders broke ground on fewer homes in March, but the pace of construction so far this year is still stronger than in 2016.
The Commerce Department says housing starts fell 6.8 percent in the last month to a seasonally adjusted annual rate of 1.22 million. The setback came after a strong gains in a warmer-than-usual February. Groundbreakings on new homes are 8.1 percent higher in the first three months of this year compared with 2016.
Americans are looking for new homes as well as task security is improved with a low rate of unemployment. Rising housing market, suggesting a higher turnover, but the construction is not the overcoming of a dwindling supply of new and existing homes.
Building permits — an indicator of future home construction, rose 3.6 percent in March to an annual rate of 1.26 million.