Housing Starts Exceeded Expectations Last Month

The Commerce Department reports that U.S. housing starts increased 1.9 percent to a seasonally adjusted annual rate (SAAR) of 1.319 million units in March 2018, more than the 1.262 million units previously forecasted.

Despite rising starts, the single-family sector appears to be slowing down, experts say. The only region of the country with increased single-family home construction was the Midwest. Overall, single-family permits went down 5.5 percent in March to the lowest level since September 2017, CNBC reports. On the other hand, single-family units under construction hit the highest level since June 2008, rising 0.2 percent.

A survey on Monday showed confidence among homebuilders fell in April for a fourth straight month. Builders complained about a lack of buildable lots and increasing construction material costs. According to the survey, tariffs imposed by the Trump administration on Canadian lumber and other imported products were "pushing up prices and hurting housing affordability."

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