U.S. Housing Starts Fell Slightly in April
By Xavier Fontdegloria
Construction of new homes in the U.S. decreased in April for the
second straight month, driven by a decline in single-family units,
data from the U.S. Commerce Department showed Wednesday. Here are
the main takeaways from the report:
--Housing starts, a measure of U.S. homebuilding, fell 0.2% in
April on month, to a seasonally adjusted annual rate of 1.724
--Economists polled by The Wall Street Journal expected housing
starts to fall 2.4%.
--Housing starts are 14.6% above the same month a year
--In March, housing starts were downwardly revised to 1.728
million from an earlier estimate of 1.793 million.
--Monthly housing starts data are volatile, and April's data
came with a margin of error of 8.7 percentage points.
--Residential permits, which can be a bellwether for future home
construction, decreased 3.2% in April on month, to a seasonally
adjusted annual rate of 1.819 million.
--Housing demand is robust amid low inventories, but sentiment
is deteriorating due to material shortages, high costs and rising
mortgage rates. An indicator compiled by the National Association
of Home Builders released Tuesday showed that confidence in the
single-family housing market fell sharply in May to the lowest
level in nearly two years.
Write to Xavier Fontdegloria at email@example.com
(END) Dow Jones Newswires
May 18, 2022 08:56 ET (12:56 GMT)
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