April Housing: Building Permits Decline, Housing Starts Rise

Highlights

• Building permits in April decreased by 1.5% compared to March
• Single-family units saw a 3.1% increase in authorizations
• Housing completions in April were 10.4% lower than the revised March estimate

Overview

April Building Permits Decline, Single-Family Units Grow

In April, the seasonally adjusted annual rate of privately-owned housing units authorized by building permits was 1,416,000, which represents a decrease of 1.5 percent compared to the revised March rate of 1,437,000. Additionally, it is 21.1 percent lower than the April 2022 rate of 1,795,000. Among these authorizations, single-family units accounted for a rate of 855,000 in April, showing a 3.1 percent increase from the revised March figure of 829,000. Moreover, authorizations for units in buildings with five units or more stood at a rate of 502,000 in April.

April Housing Starts Rise, But Lower Than Last Year

The seasonally adjusted annual rate of privately-owned housing starts in April reached 1,401,000, indicating a 2.2 percent (±11.9 percent)* increase from the revised March estimate of 1,371,000. However, it is 22.3 percent (±8.7 percent) lower than the April 2022 rate of 1,803,000. Single-family housing starts accounted for a rate of 846,000 in April, representing a 1.6 percent (±12.3 percent)* increase from the revised March figure of 833,000. Meanwhile, the rate for units in buildings with five units or more was 542,000 in April.

April Housing Completions Decline, Exceed Last Year

In April, the seasonally adjusted annual rate of privately-owned housing completions was 1,375,000, reflecting a 10.4 percent (±9.9 percent) decrease from the revised March estimate of 1,534,000. However, it is 1.0 percent (±16.4 percent)* higher than the April 2022 rate of 1,361,000. Single-family housing completions accounted for a rate of 971,000 in April, which is 6.5 percent (±11.0 percent)* lower than the revised March rate of 1,039,000. Additionally, the rate for units in buildings with five units or more was 400,000 in April.