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May 17, 2002: Housing Starts Decline 5.4% In April

May 17, 2002
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WASHINGTON, DC — Following strong production in the first quarter that was driven in part by mild weather conditions, nationwide housing starts fell back 5.4% in April to a seasonally adjusted annual rate of 1.56 million units, the U.S. Department of Commerce reported. The shortfall occurred primarily in the multifamily sector, where production often fluctuates widely on a month-to-month basis.

“After the first few months of this year, when unseasonably warm and dry weather and historically low interest rates combined to help housing buoy the national economy, some downward adjustment was to be expected in housing production. But our latest surveys of single-family builders indicate no shortfall in buyer demand or builder confidence. And we are still on track to build slightly more than the 1.6 million units we did last year," said Gary Garczynski, president of the National Association of Home Builders (NAHB).

“Today's numbers are certainly no cause for alarm,” noted NAHB chief economist David Seiders. “With interest rates on long-term mortgages still below 7 percent, and with the economy on a recovery path, the market for new homes is in very good shape. Although rental vacancy rates have been rising during the past year as large numbers of renters have shifted to first-time homeownership, we expect job growth to help support the multifamily market as the economic recovery proceeds.”

Single-family housing starts decreased by 2% in April to a seasonally adjusted annual rate of 1.27 million units, while multifamily starts declined 18.1% to 285,000 units.

Publication date: 05/13/2002

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