Housing Starts Plunge by the Most in Four Years

Bloomberg reports:

Beginning home construction plunged in February by the most in four years on colder-than-usual temperatures and snowstorms in parts of the U.S., while an increase in building permits indicated the drop may prove temporary.

Housing starts slumped 17 percent, the most since February 2011, to an 897,000 annualized rate after January’s revised 1.08 million pace, the Commerce Department reported Tuesday in Washington. The median estimate of 80 economists surveyed by Bloomberg called for 1.04 million. Ground-breaking in the Northeast plummeted by the most on record.

The great moments of the Obama economic recovery.