U.S. homebuilding dropped to a near two-year low in March, pulled down by persis...
WASHINGTON - U.S. homebuilding dropped to a near two-year low in March, pulled down by persistent weakness in the single-family unit segment, suggesting the housing market continued to struggle despite falling mortgage rates.
The weak report bucked a recent tide of upbeat data, including retail sales, trade and construction spending, that indicated the economy regained speed late in the first quarter after appearing to stumble at the turn of the year. Housing starts in the Midwest, which was devastated by floods during the month, dropped 17.6 percent. Homebuilding also fell in the Northeast and South, but surged in the West.
The prolonged weakness in homebuilding is likely the result of land and labor shortages, as well as expensive building materials. A survey on Tuesday showed that though builders reported strong demand for new homes, they continued to highlight “affordability concerns stemming from a chronic shortage of construction workers and buildable lots.”
While housing continues to be soft, the other segments of the economy have rebounded from earlier weakness. Retail sales surged in March and trade, inventory and construction spending data have also been bullish, leading economists to upgrade their gross domestic product growth estimates for the first quarter.
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