Housing starts declined 0.2% month-over-month in April to a seasonally adjusted annual rate of 1.72 million, the U.S. Census Bureau reported. The rate was up 14.6% compared with April 2021.
Single-family starts declined 7.3%, and multifamily starts, which include apartment buildings and condos, increased 15.3%.
“Lower single-family construction starts in April reflects our recent builder surveys showing notably weaker confidence in the single-family market, as rising mortgage rates and building material construction costs are driving more potential buyers out of the market,” stated Jerry Konter, chairman of the National Association of Home Builders.
Regionally, year-to-date, total housing starts increased 6.3% in the Northeast, 5.2% in the Midwest, 16.3% in the South and 8.3% in the West.
Building permits declined 3.2% month-over-month but increased 3.1% compared with April 2021. Housing completions dropped 5.1% from March and were down 8.6% compared with April 2021.
The full report can be found here.
