Housing Starts Dropped By Double Digits For April
According to data released earlier today by the U.S. Census Bureau and the Department of Housing and Urban Development, housing starts dropped by double digits to a seasonally adjusted annual rate of 523,000, 10.6% below the revised March estimate of 585,000. This is 23.9% below April 2010’s numbers. The April 2011’s single-family starts were 5.1% below March at a rate of 394,000. But the real hit to housing starts came from the multi-family component with a 28.3% decrease, showing a rate of 114,000.
Housing permits for April fell 4% to a seasonally adjusted annual rate of 551,000 from March’s rate of 574,000. Worse still, housing permits are 12.8% below the revised April 2010 estimate of 632,000.
Total housing completions in April were 4.1% below March at a seasonally adjusted annual rate of 554,000. This is 25.5% below the revised April 2010 rate of 744,000. The single-family sector accounted for the gains with a 14.4% increase above March, at a rate of 420,000. While the multi-family component for April fell a steep 24.8% to a rate of 118,000.
The following is a graph using data from Bloomberg: