US: Housing starts expected to surge by 0.7% in March – Nomura
|Analysts at Nomura forecast a 0.7% m-o-m increase in US housing starts to an annualized pace of 1245k in March (Consensus: 2.4% increase to 1266k), from 1236k in February.
Key Quotes
“Weather poses a downside risk as cold weather returned in March following a warmerthan-usual February. Reflecting the weather effect, aggregate weekly hours worked by all construction sector employees declined 0.4% m-o-m. Thus, single-family housing starts likely fell in March. However, positive payback to multifamily housing starts could offset much of the decline in the single-family sector as multifamily starts, a typically volatile series, dropped sharply by 26.1% m-o-m in February.”
“For housing permits, we expect a modest 0.3% m-o-m decline to an annualized pace of 1317k (Consensus: +0.3% to 1325k). Colder weather, weaker residential construction employment growth and a slight pullback in home builder expectations for housing market sales likely resulted in fewer permits being issued in March.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.