New residential construction in the U.S. pulled back sharply in the month of March, according to a report released by the Commerce Department on Tuesday, although the report also showed a rebound in building permits.
The report said housing starts plunged by 6.8 percent to an annual rate of 1.215 million in March from an upwardly revised 1.303 million in February.
Economists had expected housing starts to drop by 2 percent to a rate of 1.262 million from the 1.288 million originally reported for the previous month.
Meanwhile, the Commerce Department said building permits, an indicator of future housing demand, jumped by 3.6 percent to a rate of 1.260 million in March from a revised 1.216 million in February.
Building permits had been expected to climb by 3.1 percent to a rate of 1.250 million from the 1.213 million that had been reported for the previous month.
by RTT Staff Writer
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