Housing starts in the US are expected to have grown just slightly last month as multifamily and single structures constructions are expected to have diverged in March, according to Societe Generale. In the past four months, single family starts have grown more than their counterpart permit series. The most recent spread was at 86k. The average spread between the two is just 15k. This suggests that some of this pent-up activity in March is expected to decline by 23k to 799k, noted Societe Generale.
“We expect new residential construction to drag along by 0.4% to a seasonally adjusted annual rate of 1.183 million, added Societe Generale.
Meanwhile, multifamily series is expected to have grown moderately by 28 k to 384k. The total number of approvals for new building activity is likely to have increased to the mark of 1.179 million, said Societe Generale.
