Housing starts in the United States dropped more than expected in March, according to data released by the U.S. Commerce Department. The fall is a clear sign of a cooling housing market in line with with a sharp slowdown in economic growth in the first quarter of this year.
Housing starts declined by 8.8 percent to a seasonally adjusted annual pace of 1.09 million units, the lowest level since October, the Commerce Department said on Tuesday.
The economy has been slammed by a strong dollar and weak global demand, which have weighed on exports. Lower oil prices are also a drag as they have undercut profits of energy firms, causing a sharp decline in spending on capital projects.
Building permits, a sign of future construction, dropped 7.7 percent to a 1.09 million-unit rate last month, the lowest level since March last year.
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