Housing starts measure the change in the number of new residential buildings that began construction. Starts fell 17.2% from March 2022 to this past month, according to a Tuesday report from the Census Bureau. They are now at 1.42 million. From February to March, they fell 0.8%.Additionally, permits to build, which are seen as a proxy for future construction, decreased by 8.8% in March.
Tuesday’s report comes as the Federal Reserve’s campaign to slow spending across the economy by hiking interest rates has taken a major toll on the national housing market.
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