April’s housing starts increased 6.6 percent to a seasonally adjusted annual rate of 1.17 million compared with the March rate of 1.09 million, according to the U.S. Census Bureau.
April’s housing starts increased 6.6 percent to a seasonally adjusted annual rate of 1.17 million compared with the March rate of 1.09 million, according to the U.S. Census Bureau.
April’s rate is 1.7 percent lower than the rate of 1.19 million reported in April 2015.
"Though housing construction data is relatively flat for the beginning of 2016, we anticipate a ramping up of housing production during the rest of the year, given a strengthening job market, low mortgage interest rates and favorable demographics," said NAHB Chief Economist Robert Dietz in a statement.
Single-family and multifamily housing starts registered increases in April. The single-family rate of 778,000 units is 3.3 percent higher than in March, and the multifamily rate of 394,000 is 13.9 percent higher than March.
"This month's modest rise in housing production is consistent with builder sentiment, which has remained steady and in positive territory in recent months," said NAHB Chairman Ed Brady.