The Census Bureau's New Residential Construction report shows a pullback in permits and starts in April.
Privately-owned housing units authorized by building permits in April were at a seasonally adjusted annual rate of 1,352,000. This is 1.8 percent (±1.3 percent) below the revised March rate of 1,377,000, but is 7.7 percent (±0.9 percent) above the April 2017 rate of 1,255,000. Single-family authorizations in April were at a rate of 859,000; this is 0.9 percent (±1.4 percent)* above the revised March figure of 851,000. Authorizations of units in buildings with five units or more were at a rate of 450,000 in April.
Privately-owned housing starts in April were at a seasonally adjusted annual rate of 1,287,000. This is 3.7 percent (±11.4 percent)* below the revised March estimate of 1,336,000, but is 10.5 percent (±9.7 percent) above the April 2017 rate of 1,165,000. Single-family housing starts in April were at a rate of 894,000; this is 0.1 percent (±11.8 percent)* above the revised March figure of 893,000. The April rate for units in buildings with five units or more was 374,000.
Starts by Region
- Total -3.7%
- Single Family Total: +0.1%
- Northeast: -8.1%
- Northeast Single Family: -9.7%
- Midwest: -16.3%
- Midwest Single Family: -29.8%
- South: 6.4%
- South Single Family: 17.2%
- West: -12.0%
- West Single Family: -10.1%
Only the South had a good month.
Mike "Mish" Shedlock