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- U.S. housing starts decline much more than expected in April
U.S. housing starts decline much more than expected in April
The
Commerce Department reported on Tuesday the housing starts plunged by 9.5
percent m-o-m in April to a seasonally adjusted annual pace of 1.569 million, while building
permits rose by 0.3 percent m-o-m to a seasonally adjusted annual rate of 1.760.
Economists
had forecast housing starts decreasing to a pace of 1.710 million units last
month and building permits rising to a pace of 1.770 million units.
Data
for March was revised to show homebuilding growing to a pace of 1.733 million
units, instead of increasing at a rate of 1.739 million units as previously
reported, and permits advancing to a pace of 1.755 million units, instead of
rising at a rate of 1.766 million units as previously reported.
According
to the report, permits for single-family homes, the largest segment of the
market, dropped 3.8 percent m-o-m in April, while approvals for the multi-family homes
segment surged 11.1 percent m-o-m.
In
the meantime, groundbreaking on single-family homes tumbled 13.4 percent m-o-m in April, while
housing starts for the multi-family increased 4.0 percent m-o-m.
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