U.S. homebuilding decline exceeds expectations

U.S. housing starts fell by 10.3 percent in February to a seasonally adjusted annual rate of 1.42 million units. The decline was greater than that projected by economists, who in a Reuters poll had anticipated a rate of 1.56 million units. In the same announcement, the U.S. Census Bureau and the Department of Housing and Urban Development reported that building permits dropped by 10.8 percent, offsetting January’s gains.