Decline in Multi-Family Starts Clouds Outlook but NAHB Sees Stablilzation in 2nd Quarter

The always volatile multi-family sector pushed nationwide housing starts down 10.8 percent in March as production of single-family homes remained unchanged, according to the U.S. Commerce Department. Overall starts fell to a seasonally adjusted annual rate of 510,000 units, due entirely to a 29 percent reduction on the multi-family side that largely offset a big gain in apartment and condo building in the previous month.

NAHB Chief Economist David Crowe said the Census numbers were ri

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