We just got our latest look at home construction, and it wasn’t good.
Housing starts plunged 10.6 percent to a seasonally adjusted annual rate of 523,000 in April from an upwardly revised 585,000 in March. That missed expectations for starts of 569,000. Building permits fell 4 percent to a 551,000 SAAR from a downwardly revised 574,000 a month earlier. That also missed expectations for an increase to 590,000.
By property type, single family starts slumped 5.1 percent while multifamily starts plunged 24.1 percent. The permitting breakdown was -1.8 percent for single family and -8.8 percent for multifamily.
As for the regional breakdown, starts fell 4.8 percent in the Northeast and 23 percent in the South. They rose 3.7 percent in the West and 15.7 percent in the Midwest. Permits flat lined in the Northeast, but fell 0.8 percent in the West, 5.3 percent in the Midwest, and 5.7 percent in the South.
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