Market Updates
Building Permits Declined to a 4-month Low in April
Brian Turner
16 May, 2024
Washington, D.C.
Building permits declined by 3% to a seasonally adjusted annual rate of 1.44 million in April, the U.S. Census Bureau reported Thursday.
The annual pace of building permits dropped to the lowest level since 1.4 million in December 2022.
High interest rates and high land and construction costs continued to dent the market.
Single-family authorization declined by 0.8% to 976,000, and multi-family authorization dropped 9.1% to 408,000.
Permits in the Midwest fell by 18.1% to 167,000, in the West by 14.4% to 292,000, but rose in the South by 4.2% to 827,000 and increased by 5.5% in the Northeast to 154,000.
Housing starts in April increased 5.7% to an annual rate of 1.36 million from the revised March estimate of 1.287 million but below the April 2023 rate of 1.368 million.
Single-family housing starts in April were at a rate of 1.031 million, a decline of 0.4% from the revised March rate of 1.035 million.
Privately-owned housing completions in April were at a seasonally adjusted rate of 1.623 million, an increase of 8.6% from the revised March estimate of 1.495 million and 14.6% higher than the rate of 1.46 million in April 2023.
Single-family housing completions were at a rate of 1.092 million, an increase of 15.4% from the revised rate of 946,000 in March.
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