The U.S. March residential construction report was pretty bleak, with many series reversing February’s advances and at best giving a signal that this beleaguered industry is skating around its low point at a very weakened pace.

March housing starts plunged 10.8% to 510,000, almost reversing the 17.2% February gain and removing signs of turnaround. Permits confirmed the dismal outlook, falling 9.0% to 513,000, a record low that reflected trouble in the multifamily sector.

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