Construction activity on new single-family homes fell nationwide in April, the U.S. Census Bureau reported on Thursday.
Single-family housing starts in April were seasonally adjusted annual rate of 930,000 last month, down 9% from March, the Census Bureau and the U.S. Department of Housing and Urban Development reported. April’s figure was down 2.4% from a year ago.
However, total housing starts increased, driven by a surge in multifamily construction. Multifamily starts tend to be more volatile, but were at 514,000 units annualized, up about 11.5% from last year.
Municipalities issued 1.44 million private housing permits in April, 5.8% above March’s 1.36 million and essentially unchanged from a year ago. Single-family permit activity dipped, however, falling 2.6% from April to 895,000.
Construction starts took a dip in the beginning of the year but rebounded by March, as builders contended with inflation and higher costs of goods and labor. Still, builders report more confidence in the housing market this spring, according to data from the National Association of Homebuilders.
Developing story, more to follow.
Tristan Navera is a senior reporter on housing policy, covering trends and solutions in the housing market from Washington, DC. He was previously a senior reporter at Bloomberg Law, and before that covered real estate for the Washington Business Journal. Earlier in his career, he spent a decade reporting on business and real estate in Dayton and Columbus, OH. A Cincinnati native, he holds a journalism degree from Ohio University.
