Yesterday’s March housing data were good. While starts were down 6.8% compared to February’s outstanding weather-induced number, starts were up 9.2% compared to March 2016. Moreover, starts are up 8.1% year-to-date and were up about 8% each month this year compared to last. Single-family starts are up almost 6% YTD; multifamily starts, a surprisingly strong 15% versus a weak 16Q1. Starts should rise 6% this year. Solid.