Having bounced notably in March, both Housing Starts and Building Permits in April tumbled (-3.7% MoM and -1.78% MoM respectively).

  • March building permits growth was upwardly revised from +2.5% MoM to +4.1% MoM

  • March housing starts growth was upwardly revised from +1.9% MoM to +3.6% MoM

Starts dropped 3.7% MoM in April - far worse than the 0.7% drop expected but while permits also dropped 1.8% MoM, this was slightly better than the expected 2.1% drop...

 

For some context, Starts and Permits remain over 40% below their 2005/6 peaks...

Housing Permits breakdown...

 

The driver of the tumble in housing starts is a 11.3% plunge in multi-family.. (single-family 893k vs 894k prior and multi-family 374k from 428k)

Three of four regions posted declines in starts, led by a 16.3 percent decrease in the Midwest and a 12 percent drop in the West.

Construction climbed 6.4 percent in the South, reflecting the fastest pace of single-family starts since July 2007.

As always, weather is blamed for any downside.