US housing starts fall by over a fifth in March

US homebuilders were walloped by the Covid-19 pandemic last month with a key gauge of activity in the sector retreating by over a fifth.

According to the Department of Commerce, US housing starts cratered by 22.3% against February with the annualised rate dropping to 1.216m (consensus: 1.32m).

Starts fell the most in the Northeast, where they dropped by 42.5%, while in the West they fell by the least, falling 18.2%.

Housing permits, widely considered a lead indicator, dropped at a 6.8% month-on-month pace to 1.353m.