U.S. homebuilding fell more than expected in March as the construction of single-family homes in the Midwest recorded its biggest decline in three years, but an increase in building permits suggested the housing market recovery remained intact.
U.S. homebuilding jumped in February likely as unseasonably warm weather boosted the construction of single-family houses too near a 9-1/2-year high, suggesting the economy remained on solid ground despite an apparent slowdown in the first quarter.
Lowe's Cos Inc forecast 2017 sales ahead of analysts' estimates and reported better-than-expected quarterly comparable-store sales as trends in the housing market encouraged Americans to spruce up their homes or buy new ones.
The U.S. housing market will rise steadily and contribute significantly to economic growth in the coming year, according to a majority of analysts in a Reuters poll who nearly all agreed that further stimulus was not required.
U.S. homebuilding fell in January as the construction of multi-family housing projects dropped, but upward revisions to the prior month's data and a jump in permits to a one-year high suggested the housing recovery remained on track.
U.S. housing starts slipped in May as the construction of multi-family housing units dropped, but further gains in building permits suggested a rebound that would continue to support economic growth in the second quarter.