WASHINGTON — Housing starts declined 6.8 percent in April to a seasonally adjusted annual rate of 1.63 million units, the U.S. Department of Commerce reported, due primarily to a substantial dip in multifamily production. However, permit issuance and backlogs of unused permits were up in April for both single-family and multifamily dwellings, boding well for an increase in housing starts in May, according to the National Association of Home Builders (NAHB).
The report “is generally positive in that it shows gains in single-family housing production in three out of four regions, and especially because it indicates a very healthy level of housing permits and a growing inventory of unused permits that should translate to increased housing activity in the coming months," said Kent Conine, president of the NAHB.