US New Residential Construction Below Expectations

Privately-owned housing starts in April were at a seasonally adjusted annual rate of 1,287,000. This is 3.7 percent (±11.4 percent) below the revised March estimate of 1,336,000, but is 10.5 percent (±9.7 percent) above the April 2017 rate of 1,165,000.

Single-family housing starts in April were at a rate of 894,000; this is 0.1 percent (±11.8 percent) above the revised March figure of 893,000. The April rate for units in buildings with five units or more was 374,000.

Building permits also below expectations

Privately-owned housing units authorized by building permits in April were at a seasonally adjusted annual rate of 1,352,000. This is 1.8 percent (±1.3 percent) below the revised March rate of 1,377,000 and was expected to fall by 2.3 percent. This rate is 7.7 percent (±0.9 percent) above the April 2017 rate of 1,255,000.

Single-family authorizations in April were at a rate of 859,000; this is 0.9 percent (±1.4 percent) above the revised March figure of 851,000. Authorizations of units in buildings with five units or more were at a rate of 450,000 in April. - Istanbul