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Friday, April 18, 2014

Housing Starts Rebound in March

Housing starts rose 2.8 percent in March to a 946,000-unit pace. February’s data was upwardly revised from an original negative print. Single-family starts rose, while multifamily posted a negative reading.

Weather Effect Has Largely Faded
· Housing starts posted a second monthly gain in March,

increasing 2.8 percent to a 946,000-unit pace. This closelywatched

report shows that while the housing recovery hit a

snag in December and January due to weather, it is still on

track. Although today’s gain is welcome, the reading was below

consensus estimates. Moreover, permits fell 2.4 percent, but

the decline was concentrated in multifamily.

Single-Family Starts Rebound

· Single-family starts increased 6.0 percent in March to a

635,000-unit pace, the second-straight monthly gain. The

consecutive gains in single-family starts and increase in

purchase applications should alleviate fears that the housing

recovery has lost its luster. We expect single-family starts to

increase 19 percent in 2014 and 18 percent in 2015. Multifamily

starts fell 3.1 percent on the month to a 311,000-unit pace.