Starts and permits post gains in March more than Wall Street expectations.
April 16, 2004: 8:35 AM EDT
NEW YORK (CNN/Money) - New home construction continued to show strength in March, the government reported Friday, as building permits and housing starts posted gains that beat Wall Street expectations.
The Commerce Department report showed that housing starts had a seasonally adjusted annual rate of 2.01 million in the month, up 6.4 percent from 1.86 million rate in February. Analysts surveyed by Briefing.com were looking for a 1.90 million rate.
Building permits came in at a seasonally adjusted annual rate of 1.95 million, compared with 1.91 million rate in the previous month. Analysts were forecasting essentially flat building permits.
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