Housing starts rose 5.8% in April, Their Highest Level Since October 2008

Housing starts increased more than expected in April. The Commerce Department said housing starts rose 5.8% above the revised March estimate of 635,000, recording a seasonally adjusted annual rate of 672,000 units. March’s housing starts were revised to show a 5% increase, which was previously reported as a 1.6% gain.

Here is the Census Bureau report on housing:

Housing Starts:
Privately-owned housing starts in April were at a seasonally adjusted annual rate of 672,000. This is 5.8 percent (±13.0%)* above the revised March estimate of 635,000 and is 40.9 percent (±19 8%) above the revised April 2009 rate of 477,000.

Single-family housing starts in April were at a rate of 593,000; this is 10.2 percent (±10.7%)* above the revised March figure of 538,000.

Housing Completions:
Privately-owned housing completions in April were at a seasonally adjusted annual rate of 769,000. This is 19.2 percent (±13.8%) above the revised March estimate of 645,000, but is 8.7 percent (±12.8%)* below the revised April 2009 rate of 842,000.

Single-family housing completions in April were at a rate of 564,000; this is 14.6 percent (±13.1%) above the revised March figure of 492,000.

Building Permits:
Privately-owned housing units authorized by building permits in April were at a seasonally adjusted annual rate of 606,000. This is 11.5 percent (±1.1%) below the revised March rate of 685,000, but is 15.9 percent (±1.3%) above the revised April 2009 estimate of 523,000.

Single-family authorizations in April were at a rate of 484,000; this is 10.7 percent (±1.1%) below the revised March figure of 542,000.

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