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New Home Construction Slowly Increases

Photo: istock

Kelsey Ramirez |

New home construction increased slightly in April, but a drop in the multifamily sector caused housing starts to fall, according to the latest report from the U.S. Census Bureau.

Privately owned housing starts decreased in April to a seasonally adjusted annual rate of 1.29 million, down 3.7% from March’s 1.37 million. However, this is still up 10.5% from the annual rate of 1.17 million in April 2017.

But the decrease from March to April was driven by a fall in the multifamily sector. Single-family housing starts increased 0.1% month-over-month to a rate of 894,000, up from 893,000 in March.

Read the rest of the article: New Home Construction Slowly Gains Ground

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