Housing Starts Drop 17%, Increase Recession Concerns

  • The number of housing starts tumbled in March, an indication that the housing market is taking a hit and may be falling into a recession.
  • Housing starts measure the change in the number of new residential buildings that began construction. Starts fell 17.2% from March 2022 to this past month, according to a Tuesday report from the Census Bureau. They are now at 1.42 million. From February to March, they fell 0.8%.
  • Additionally, permits to build, which are seen as a proxy for future construction, decreased by 8.8% in March.
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