US Housing Starts Increase in April; Permits and Completions Fall

The US Census Bureau on Wednesday (5-17-23) reported that privately‐owned housing starts in April were at a seasonally adjusted annual rate (SAAR) of 1,401,000. This is 2.2% above the revised March estimate of 1,371,000 but 22.3% below the April 2022 rate of 1,803,000. Single-family housing starts in April were at a rate of 846,000; this is 1.6% above the revised March figure of 833,000. The April rate for units in buildings with five units or more was 542,000.

Building permits are the forward-looking portion of the report, and in April privately-owned housing units authorized by building permits were at a SAAR of 1,416,000. This is 1.5% below the revised March rate of 1,437,000 and 21.1% below the April 2022 rate of 1,795,000. Single-family authorizations in April were at a rate of 855,000; this is 3.1% above the revised March figure of 829,000. Authorizations of units in buildings with five units or more were at a rate of 502,000 in April.

Privately‐owned housing completions in April were at a seasonally adjusted annual rate of 1,375,000. This is 10.4% below the revised March estimate of 1,534,000 but 1.0% above the April 2022 rate of 1,361,000. Single‐family housing completions in April were at a rate of 971,000; this is 6.5% below the revised March rate of 1,039,000. The March rate for units in buildings with five units or more was 400,000.