Housing starts in April were nearly 30 percent higher than the year before, with 717,000 new homes beginning construction (seasonally adjusted annual rate), according to data released today by the Census Bureau and the Department of Housing and Urban Development. In addition to the 29.9 percent year-over-year increase, starts were up 2.6 percent from March totals.
The balance between single-family and multifamily starts skewed heavily toward the latter in April: multifamily starts were up 75 percent year-over-year while the number of single-family starts rose 18.8 percent.
All four regions saw annual growth as well, with the South registering the largest increase at 38.5 percent; it was followed by the Midwest (32.3 percent), Northeast (19 percent), and West (13.3 percent).
Building permits
715,000 permits were issued in the month of April, which was 23.7 percent higher than April 2011; permits were down 7 percent, however, from March. Single-family authorizations rose 18.5 year-over-year and 1.9 percent from the previous month.
Housing completions
On the whole, completions were 20.1 percent above April 2011, with 651,000 homes finished during the month. The growth was largely spurred by a 54.5 percent surge in the West. Month-to-month totals were up 10 percent nationwide.
To see the rest of the Census Bureau/HUD data, click here.
