April housing starts drop 16.5 percent, building permits increase 14.3 percent
Following a month of high housing starts, the start of home construction fell in April, while an increase in building permits suggests continued recovery, according to our sister site, Equipment World.
Housing starts dropped 16.5 percent from March’s revised rate of 1.02 million to a seasonally adjusted rate of 853,000 in April. Despite the decrease month-over-month, the start of home construction is still 13.3 percent higher than the rate of 754,000 in April 2012.
In April 2013, multi-family starts fell 37 percent from March to an annual rate of 234,000, and single-family housing starts decreased by 2.1 percent from March to an annual rate of 610,000.
However, the increased number of building permits issued suggests the housing recovery is still in full swing. In April, building permits were issued at an annual rate of 1.02 million– up 14.3 percent from March and 35.8 percent from April 2012. It is also the highest rate in which building permits have been issued since June 2008.
Housing completions dropped 14.3 percent from March to an annual rate of 689,000 in April, but are still 3.3 percent higher than the April 2012 rate.
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