Housing Starts (Mar.)

Housing starts rose a by a marginal 0.3% m/m in March, driven by the volatile multifamily sector. Single-family starts saw a small fall, as did building permits. While we expect new home demand to be resilient to higher mortgage rates, the large pipeline of homes authorised but not started, and started but not completed, implies single-family starts will tread water for the rest of the year at around 1.2m annualised.