MNI DATA IMPACT: US March Starts Pace Falls To 1.139m SAAR>

--March Building Permits Fall 1.7% to 1.269m SAAR

By Shikha Dave and Harrison Clarke

     WASHINGTON (MNI) - The pace of housing starts fell by 0.3% to a 

1.139 million seasonally adjusted annual rate in March, below 

expectations for a 1.230 million rate according to an MNI survey of 

analysts and a 1.228 million rate according to the Bloomberg consensus, 

data reported by the Commerce Department Friday morning indicated. 

     Here are some of the key takeaways from the data released Friday: 

     -Housing starts fell 4.4% in the Northeast, were up 31.4% in the 

West, fell 17.6% in the Midwest, and fell by 7.2% in the South. 

Single-family housing starts fell by 0.4% in March after a 19.0% 

decrease in the previous month, while multi-family starts were flat in 

March, based on an MNI calculation. This followed a 8.9% increase in the 

previous month. 

     -Building permits fell by 1.7% in the month to a 1.269 million rate 

after a 2.0% decline to 1.291 million in February. This decline was 

driven by a 2.7% drop in multi-family permits, and was accompanied by a 

1.1% decline in single-family permits. Homes permitted but not started 

were flat in March, suggesting housing starts could remain steady in the 

near future. 

     -The first quarter starts average was 1.193 million, above the 

1.185 million fourth quarter average after all revisions were included. 

The first quarter permits pace was at 1.292 million, just below the 

1.304 million fourth quarter average. Homes under construction fell by 

1.6%, and completions were down 1.9%. 

     ** MNI Washington Bureau: 202-371-2121 **

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