US Housing Starts at 4-Month Low
Housing starts in the US slumped 3.7 percent month-over-month to an annualized rate of 1,287 thousand in April of 2018, following an upwardly revised 3.6 percent rise in March. It is the lowest rate in four months, mainly due to a sharp fall in the multi-family segment. It compares with market expectations of 1,310 thousand rate.
5/16/2018 12:52:28 PM
The volatile multi-family segment dropped 12.6 percent to 374 thousand while single-family starts, the largest segment of the market, edged up 0.1 percent to 894 thousand. Overall, housing starts declined in the West (-12 percent to 346 thousand), the Midwest (-16.3 percent to 164 thousand) and the Northeast (-8.1 percent to 114 thousand) but rose in the South (6.4 percent to 663 thousand).
Building permits fell 1.8 percent to a seasonally adjusted annual rate of 1,352 thousand, while markets were expecting a bigger 2.3 percent drop to 1,347 thousand. Multi-family authorizations declined 6.3 percent to 493 thousand while single-family permits rose 0.9 percent to 859 thousand. Overall, building permits declined in the West (-13.2 percent to 336 thousand), the Midwest (-4.4 percent to 194 thousand) and the Northeast (-31.9 percent to 92 thousand) but rose in the South (12 percent to 730 thousand).