New homebuilding plunges by more than expected

New residential construction dropped by more than expected in March, according to a monthly report from the Department of Commerce. Housing starts fell by 6.8% to a seasonally adjusted annual rate of 1.215 million. Economists had expected a slowdown partly because of Winter Storm Stella, which swept through the Northeast last month. Compared with March 2016, building in the Northeast fell by 15%, the most of any region.

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Source: Business Insider

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