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U.S. Housing Starts Fell 1.5% in February

U.S. homebuilding decreased in February, the second straight month of declines, according to Commerce Department data released Wednesday. The drop came during a month when new coronavirus concerns began to accelerate in the U.S.

Here are takeaways from the report:

-Housing starts, a measure of new-home construction, fell 1.5% in February from the previous month to a seasonally adjusted annual rate of 1.599 million. Economists surveyed by The Wall Street Journal estimated starts fell by 4.9% to an annual pace of 1.49 million.

-Residential permits — which can signal the volume of forthcoming construction — dropped 5.5% from January to a seasonally adjusted annual rate of 1.464 million. Economists expected a 3.3% drop to 1.50 million permits.

Source: Dow Jones

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