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Tuesday, May 19, 2015

Housing Starts Jump to Highest Level Since 2007

Housing starts in April rose to a seasonally adjusted annual rate of 1.135 million, 20.2% above the revised March estimate of 944,000 and 9.2% above the April 2014 rate of 1.039 million. Single-family housing starts grew at a rate of 733,000, 16.7% above the revised March figure of 628,000. The rate of growth for multifamily units was 389,000, 31.9% above the revised March estimate of 295,000.



The rate of housing starts accelerated in three of the four regions. Housing starts in the Northeast increased 85.9% to 184,000 total units, the largest of the four regions, followed by a 39.0% increase to 278,000 units in the West and a 27.8% increase to 170,000 units in the Midwest. The South, the only region to experience a deceleration in housing starts, decreased 1.8% to 503,000 units.



Building permits were at a seasonally adjusted annual rate of 1.143 units, which is 10.1% above the revised March rate of 1.038 and 6.4% above the year-ago estimate of 1.074. Building permits for single-family units were at a rate of 666,000, 3.7% above the March figure of 642,000. Building permits for multifamily units were 444,000, 20.0% above March’s revised rate of 370,000.

Housing completions in April were at a seasonally adjusted annual rate of 986,000, 20.4% above the revised March estimate of 819,000 and 19.4% above the year-ago rate of 826,000. Single-family housing completions were at a rate of 688,000, 14.5% above the revised March rate of 601,000. The April rate for multifamily units was 288,000, 39.8% higher than March.

Read the Census release.

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