Housing starts dip
- Prior report 1.420M revised lower to 1.371M
- Housing starts 1.401M vs 1.400M estimate.
- Building permits 1.416M vs 1.437M estimate. Prior month was revised to 1.437M from 1.430M previously
- building permits fell -1.5% versus -3.0 revised last month.
It is noteworthy that the April figure for building permits is significantly lower, by 21.1%, than the rate recorded in April 2022. Single-family authorizations in April were at a rate of 855,000, showing a 3.1% increase compared to the revised March figure. Authorizations for units in buildings with five units or more stood at a rate of 502,000 in April.
For housing starts, when compared to April 2022 (Year ago levels), housing starts were significantly lower, down by 22.3%. Specifically, single-family housing starts in April were at a rate of 846,000, showing a slight increase of 1.6% compared to the revised March figure. The rate for units in buildings with five units or more was 542,000 in April.
In April, privately-owned housing completions were recorded at a seasonally adjusted annual rate of 1,375,000. This reflects a decline of 10.4% compared to the revised March estimate. However, it is worth noting that housing completions in April 2022 were slightly higher, up by 1.0%. Specifically, single-family housing completions in April were at a rate of 971,000, showing a decrease of 6.5% compared to the revised March rate. The rate for units in buildings with five units or more stood at 400,000 in April
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