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US Housing Starts (Mar. 2025)

The sharp fall in housing starts in March is less concerning than it seems at first glance, partly reflecting a normalisation in homebuilding after February’s weather-driven surge, rather than a collapse in the sector. The healthy level of permit issuance indicates that the floor isn’t falling from underneath the residential construction sector just yet, although with mounting tariff concerns weighing on homebuilder confidence, we think there is further downside for housing starts to come.

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