Housing starts rose in April

New construction of single and multi-family homes increased 2.2 percent to a seasonally adjusted annual rate of 1.401 million units in April, according to the Census Bureau.

This was above the revised estimate of 1,371 million units in March, but 22.3 percent below the April 2022 rate of 1,803 million units.

Single-family housing starts in April increased 1.6 percent from March to a seasonally adjusted annual rate of 846,000.

Building permits for single-home construction increased to a seasonally adjusted annual rate 855,000, up 3.1 percent from March's revised rate of 829,000.

Multi-family starts increased 5.2 percent in April to a seasonally adjusted annual rate of 542,000 from 515,000 in March, while building permits for multi-family construction dropped 9.7 percent to a seasonally adjusted annual rate 502,000 from 556,000 in March.