March housing starts +1.9% to 1.319m SAAR,..>

US DATA: March housing starts +1.9% to 1.319m SAAR, well ahead of the 

1.258m rate expected. The Feb pace was rev up to 1.295m from the 

originally reported 1.236m pace, while Jan was rev slightly up to 1.339m 

- Starts were up in the Northeast and Midwest regions, but fell slightly 

in the South and West. 1-family starts -3.7%, but multi-family starts 

+14.4%. 

- Building permits +2.5% to 1.354m SAAR, with 1-family permits -5.5% and 

multi-family +19.0%. Homes permitted but not started -1.9%, but the 

large permits gain could boost this category, as well as starts, in the 

coming months.

- 1Q starts and permits are well ahead of their 4Q averages, a positive 

for GDP.

- Homes under construction +0.3% to a nearly 11-year high, so a 5.1% 

drop in completions could be reversed next month.