Friday, May 16, 2014

Housing Starts Rose Above 1 Million Unit Pace in April

Housing starts rose to an annualized pace of 1.072 million units in April. The rise was due to a sharp rise in multi-family construction, which can be volatile. April’s rate jumped 13.2% from the month prior. The warmer weather was likely a contributing factor, because the harsh winter depressed levels earlier this year. The pace of new construction is now 24.6% higher than a year ago.

Multi-family starts drove April’s growth. They improved to an annual pace of 413,000, a 43% jump from March. It’s the highest level since before the recession. Single-family starts showed slight improvement in April, growing 0.8% to a pace of 649,000.

Permit issuance also improved. Single family grew 0.3%. Multi-family improved 19.5%. Despite the improvement, housing starts remain below the long run average of 1.5 million units.

Read the Census report.

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