Total Housing Starts Surge 20.2% in April According to U.S. Census Bureau

The U.S. Census Bureau said privately-owned housing starts in April were at a seasonally adjusted annual rate of 1,135,000. This is 20.2% above the revised March estimate of 944,000 and 9.2% above the April 2014 rate of 1,039,000. Single-family housing starts in April were at a rate of 733,000, 16.7% above the revised March figure of 628,000. The April rate for units in buildings with five units or more was 389,000.

“The April gains make up for the production dips we saw in the past two months, but single-family housing is still only about halfway back to what could be considered a normal market,” said NAHB Chief Economist David Crowe. “With low interest rates and affordable home prices, we expect more upward momentum in the months ahead.”