US Housing Starts Rise in April; Permits and Completions Fall

On Friday, the US Census Bureau reported that privately owned housing starts in April were at a seasonally adjusted annual rate (SAAR) of 1,361,000. This represents a 1.6% increase from the revised March estimate of 1,339,000 but a 1.7% decrease from the April 2024 rate of 1,385,000. Single-family housing starts were at a rate of 927,000, down 2.1% from the revised March figure of 947,000. The rate for units in buildings with five or more units was 420,000.

Building permits, the report’s forward-looking component, showed that privately owned housing units authorized in April were at a SAAR of 1,412,000. This is 4.7% below the revised March rate of 1,481,000 and 3.2% below the April 2024 rate of 1,459,000. Single-family authorizations were at a rate of 922,000, a 5.1% decline from the revised March figure of 972,000. Authorizations for units in buildings with five or more units came in at 431,000.

Privately owned housing completions in April were at a SAAR of 1,458,000, down 5.9% from the revised March estimate of 1,549,000 and 12.3% below the April 2024 rate of 1,662,000. Single-family completions were at a rate of 943,000, an 8.0% drop from the revised March figure of 1,025,000. The completion rate for units in buildings with five or more units was 507,000.