New residential construction accelerated 2.6% in April to an annualized pace of 717,000 units. April’s report saw strong upward revisions in the past three months. March’s pace was revised up by 7% to 699 units annually, January and February were also both revised making both months stronger. April’s pace is 29.9% above the pace seen one year ago.
Single family starts were strong in April, rising 2.3% for the second consecutive month to a pace of 492,000 annual units. Two consecutive months of strong gains have helped offset the 8.0% drop in single family starts seen in February.
Permit issuance fell sharply in April, with permits issued falling 7% to an annual rate of 715,000. This, however remains 23.7% above its year ago levels.
Housing completions surged in April, rising 10% above March’s level to an annual rate of 651,000 units. This pace is 20.1% above year ago levels.
Read the report.