Briefing.com: Housing Starts

Updated: 16-May-25 09:17 ET

April Housing Starts

Updated: 16-May-25 09:17 ET

Highlights

Total housing starts increased 1.6% month-over-month in April to a seasonally adjusted annual rate of 1.361 million units (Briefing.com consensus 1.383 million), yet single-unit starts dropped 2.1%.
Total building permits were down 4.7% month-over-month in April to a seasonally adjusted annual rate of 1.412 million (Briefing.com consensus 1.450 million), yet single-unit permits were down 5.1% and driven by declines in all regions.

Key Factors

The change in single-unit starts by region: Northeast (+13.8%); Midwest (+2.3%); South (+1.9%); and West (-18.7%).
The change in single-unit permits by region: Northeast (-13.0%); Midwest (-4.7%); South (-5.4%); and West (-2.0%).
Multi-unit starts increased 10.7% month-over-month, while multi-unit permits decreased 3.7% month-over-month.
The number of units under construction at the end of the period decreased 0.6% month-over-month to a seasonally adjusted annual rate of 1.382 million.

Big Picture

The key takeaway from the report is the weakness in single-unit permits across all regions, as it speaks to cautious-minded consumers and builders dealing with higher prices, higher mortgage rates, and higher building costs.