Building permits fell 1.8%, housing starts decline 3.7% in April

Home Building in US Tumbles in April

US builders broke ground on fewer apartment buildings last month, pushing overall home construction down 3.7 percent from March.

Washington, DC, May 16, 2018-Privately-owned housing starts in April were at a seasonally adjusted annual rate of 1,287,000, the U.S. Census Bureau and the U.S. Department of Housing and Urban Development jointly announced. Apartment construction tumbled 12.6 percent to 374,000. Construction of single-family homes blipped up 0.1 percent to 894,000. Stable single-family starts and an increase in the number of homes authorized but not yet started underscore a pace of residential construction that will probably support economic growth as homebuilders remain upbeat about the market's progress. Millennials are increasingly moving out on their own to buy their own homes. Single-family housing completions in April were at a rate of 820,000; this is 4.0% below the revised March rate of 854,000. They rose 6.4 percent in the South.

Economists had forecast housing starts falling to a pace of 1.310 million units last month and permits declining to a 1.350 million-unit rate.

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