Housing Starts Suffer 7th Annual Decline In A Row Despite Surge In Northeast

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Following last month’s disappointments, Housing starts and permits were expected to rebound in April and did with positive upward revisions for March data also.

  • Building Permits  rose 0.6% MoM in April (beating the 0.1% rise expected) and up from the upwardly revised -0.2% (from -1.7% prior) drop in March.

  • Housing Starts spiked 5.7% MoM in April (less than the expected 6.2% jump but March data was notably revised upward from a 0.3% drop to a 1.7% rise).

Starts rose for single- and multi-family units…

Driven by a massive (seasonal) surge in The Northeast:

  • Northeast: +84.6%

  • Midwest +42.0%

  • South -5.6%

  • West -5.5%

That’s the good news.

The bad news is that Housing Starts fell YoY for the 7th month in a row…

Building Permits for single-family units tumbled to its weakest since October 2016

So take your pick.

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