Housing Starts Down, but Permits Surge in March

Washington, DC, April 17, 2012 -- Homebuilders began construction on new  homes at a slower pace in March, although permits rose to the highest level since September 2008, the Commerce Department said.

Housing starts fell 5.8% last month to an annual rate of 654,000 from a  revised 694,000 in February.

Economists had expected starts to an annual rate of 703,000.

However, permits climbed 4.5% to 747,000 in March from a revised 715,000 in February, mainly on an increase in multi-dwelling buildings with five units or more.

Permits for single-family homes dropped 3.5% to 462,000 in March from 479,000 in the prior month.