New Residential Construction Mixed: Housing Starts, Building Permits Fall

The new residential construction report was mixed, though the U.S. Census Bureau said housing starts and building permits fell. Completion were up and the data for single-family homes remain consistent.

Building Permits

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% (±1.3 percent) below the revised March rate of 1,377,000, but is 7.7% (±0.9%) 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% (±1.4%)* 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.

Housing Starts

Privately-owned housing starts in April were at a seasonally adjusted annual rate of 1,287,000. This is 3.7% (±11.4%)* below the revised March estimate of 1,336,000, but is 10.5% (±9.7%) 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% (±11.8%)* above the revised March figure of 893,000. The April rate for units in buildings with five units or more was 374,000.

Housing Completions

Privately-owned housing completions in April were at a seasonally adjusted annual rate of 1,257,000. This is 2.8% (±10.1%)* above the revised March estimate of 1,223,000 and is 14.8% (±10.5%) above the April 2017 rate of 1,095,000. Single-family housing completions in April were at a rate of 820,000; this is 4.0% (±9.2%)* below the revised March rate of 854,000. The April rate for units in buildings with five units or more was 425,000.