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US Housing Starts (Mar. 2024)

Housing starts weren’t able to build on the strong performance of the previous month in March, falling by the largest monthly amount since April 2020 in the early days of the pandemic. Although some of that weakness can be attributed to wet weather conditions in March, leading indicators had been pointing to a lower level of starts in recent months, particularly building permits, so this sharp decline doesn’t come as a huge surprise. (See Chart 1.)

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