US housing starts rose slower than expected in March

FXStreet (Mumbai) - The new home construction in the US rose at a slower rate in March, underscoring the tepid recovery in the housing sector despite favorable weather.

The housing starts in March climbed 2% to a 926,000 annualized rate from a revised 908,000 in February that was the weakest in more than a year. Economists had called for housing starts to rise at 1.04 million rate.

Meanwhile, building permits, an indicator of future construction activity, fell 5.7% in March, to a 1.04 million annualized rate, compared to the projected fall to 1.08 million.