The Commerce Department released a report on Tuesday showing a decrease in new residential construction in the U.S. in the month of March.
The report said housing starts slid by 0.8 percent to an annual rate of 1.420 million in March from a revised rate of 1.432 million in February.
Economists had expected housing starts to decline to a rate of 1.400 million from the 1.450 million originally reported for the previous month.
Meanwhile, the Commerce Department said building permits plunged by 8.8 percent to a rate of 1.413 million in March from a revised rate of 1.550 million in February.
Building permits, an indicator of future housing demand, were expected to fall to a rate of 1.441 million from the 1.524 million originally reported for the previous month.
