Housing Starts Up 6.6% in April
Nationwide housing starts rose 6.6% to a seasonally adjusted annual rate of 1.17 million in April.
Nationwide housing starts rose 6.6% to a seasonally adjusted annual rate of 1.17 million in April, according to newly released data from the U.S. Department of Housing and Urban Development and the Commerce Department. Overall permit issuance was also up 3.6% to a seasonally adjusted annual rate of 1.12 million.
“This month’s modest rise in housing production is consistent with builder sentiment, which has remained steady and in positive territory in recent months,” said Ed Brady, National Association of Home Builders (NAHB) chairman.
Single- and multi-family production each registered gains in April. Single-family housing starts rose 3.3% to a seasonally adjusted annual rate of 778,000 units, while multi-family starts increased 13.9% to 394,000 units. Single-family permits increased 1.5% to a rate of 736,000, while multi-family permits rose 8% to 380,000.
All four regions posted permit increases in April. The Northeast, Midwest, South and West posted respective gains of 3%, 3.3%, 3.3% and 4.7%. Combined single- and multi-family starts were mixed in April, rising 22.2% in the Midwest and 14.1% in the South. The Northeast posted a 7.6% loss, and the West registered a 10% loss.
“Though housing construction data is relatively flat for the beginning of 2016, we anticipate a ramping up of housing production during the rest of the year, given a strengthening job market, low mortgage interest rates and favorable demographics,” said Robert Dietz, NAHB chief economist.
For more information, visit www.nahb.org.