Housing starts plummet in April
Housing starts fell back below a million. In fact, they’re well below a million.
Data released Thursday morning by the Commerce Department shows total housing starts for April at a seasonally adjusted annual rate of 853,000, down 16.5% from the March figure.
Analysts expected a decline -- but not that much. Expectations were for an SAAR of about 970,000.
Things weren’t that much better in the single-family metric, which showed April starts at a rate of 610,000, down 2.1% from the March rate.
Compared to a year ago, total housing starts were up 13.1%.
Building permits showed improvement -- up 14.3% to a rate of 1.02 million.