Housing Starts Increased in April But Are Down From Last Year

Housing starts increased to a seasonally adjusted annual rate of 1.296 million in April, according to the U.S. Department of Commerce. The rise was 0.6 percent above the revised March rate of 1.288 million but is 5.0 percent below the April 2018 rate. Single-family home starts increased 6.2 percent from last month.

Housing activity increased in two of the four regions as the Midwest and West grew 2.2 percent and 5.3 percent, respectively. The Northeast and the South declined, falling 4.0 percent and 1.2 percent, respectively.

New building permits increased during the month, growing 5.7 percent to 1.235 million. Single-family building permits rose 6.2 percent.

Housing completions were at a seasonally adjusted annual rate of 1.312 million, down 1.4 percent from the revised March estimate but 5.5 percent above the April 2018 rate.

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About Author

Hugo Dante

Hugo Dante is a research associate in the Economic Policy and Research group at the ABA.