Housing starts surged in April, the Commerce
Department said Tuesday, to their highest level since November 2007,
and their percentage increase month-on-month was the largest since February
1991. Privately-owned housing starts in April were at a seasonally adjusted
annual rate of 1.14 million, 20.2% above the revised March estimate of 944,000
and 9.2% above the April 2014 rate of just over 1 million.
Single-family housing starts in April were at a rate of
733,000, 16.7% above the revised March figure of 628,000. The April rate for
units in buildings with five units or more was 389,000. House building permits
in April were at a seasonally adjusted annual rate of 1.14 million, 10.1% above
the revised March rate of just over 1 million and 6.4% above the April 2014
estimate of 1,074,000.
Economists polled by Reuters had forecast April
housing starts to increase to 1.02 million units and permits to rise to 1.06
million units. Privately-owned housing completions in April were at a
seasonally adjusted annual rate of 986,000, 20.4% above the revised March
estimate of 819,000 and 19.4% above the April 2014 figure of 826,000, the
Commerce Department said.
Single-family housing completions in April were at a rate of
688,000, 14.5% above the revised March rate of 601,000. The April rate for
units in buildings with five units or more was 288,000.
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