Here come housing starts ...

The Census Bureau will release March data on housing starts and building permits at the bottom of the hour.

Economists forecast that housing starts fell 1.1% at a seasonally adjusted annual rate of 1.166 million, according to Bloomberg.

Building permits are expected to have increased 2% at an annualized pace of 1.2 million.

"We are looking for slight gains in both series, led by the multi-family sector," Deutsche Bank economists wrote in a preview. "Going forward, we are projecting residential construction gains in the high-single to low-double digits.

"Residential construction will remain a relative bright spot in what has been a historically weak economic expansion."

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