In April, US housing starts increased 5.7% to 1.36 million, missing economist expectations, while single-family housing starts dropped 0.4%.
In April, US housing starts increased by 5.7% to 1.36 million, missing economist expectations of 1.42 million. Single-family housing starts dropped 0.4%, while building permits for single-family homes fell 0.8%. Despite a severe housing shortage, the recent rise in mortgage rates is causing builders to hesitate, potentially constraining home construction in the future. Building permits for all units declined 3% to 1.44 million, the lowest since December 2022. The number of completed single-family homes rose to a 1.09 million annualized rate, partially offsetting the decline in new groundbreaking activity. Starts of multifamily projects increased, while single-family homebuilding fell slightly.
May 16, 2024
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