The pace of U.S. home construction rebounded less than forecast in March, held back by declines in warmer parts of the country that indicate the recovery in residential building will be slow to develop.
Housing starts climbed 2.8 percent to a 946,000 annualized rate following February’s 920,000 pace, which was higher than previously reported, Commerce Department data showed Wednesday in Washington. The median estimate of 78 economists surveyed by Bloomberg called for an increase to 970,000. Permits for future projects declined.
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