Multifamily Cooldown A Drag On Housing Starts In April

Housing starts dropped 2.6% in April to a seasonally adjusted annual rate of 1.172 million from March’s downward-revisedĀ 1.203 million, the Commerce Department reported Tuesday. April’s figure is 0.7% ahead year-over-year. Building permit authorizations, an indicator of future construction activity, cooled in April, falling 2.5% from March’s rate of 1.260 million to 1.229 million for the month but coming in 5.7% above the year-ago mark. Single-family starts rose modestly in April, increasing 0.4% to 835,000 from March’s upward-revised rate of 832,000 and 8.9% ahead of a year ago. Multifamily starts continued to decline, falling 9.6% from March’s downward-revised rate of 363,000 to 328,000 starts in April. Multifamily starts are 14.6% behind a year ago…Read More > >

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