“A weak first quarter is now a virtual guarantee as yet another cold winter is dampening activity,“ said Dan Greenhaus, chief strategist at BTIG in New York. MHProNews has been told by dailyfinance a strong dollar, weak overseas growth and a now-settled labor dispute at West Coast ports have put a barrier on recent economic activity.
While the economy grew at a 2.2 percent rate in Q4 2014, economists forecast a 1.2 percent growth for the first quarter 2015. February’s housing starts rate dropped below one million for the first time since August, and were 3.3 percent below the pace for Feb 2014.
Regionally, groundbreaking plummeted 56.5 percent in the Northeast, hitting the lowest level since Jan. 2009, while housing starts dropped 37 percent in the Midwest. Groundbreaking fell 18.2 percent in the West, while the South saw a decline of 2.5 percent. ##
(Photo credit: housingwire)
