by Bill McBride on 5/19/2015 08:43:00 AM
Tuesday, May 19, 2015
From the Census Bureau: Permits, Starts and Completions
Housing Starts:Click on graph for larger image.
Privately-owned housing starts in April were at a seasonally adjusted annual rate of 1,135,000. This is 20.2 percent above the revised March estimate of 944,000 and is 9.2 percent above the April 2014 rate of 1,039,000.
Single-family housing starts in April were at a rate of 733,000; this is 16.7 percent above the revised March figure of 628,000. The April rate for units in buildings with five units or more was 389,000.
Privately-owned housing units authorized by building permits in April were at a seasonally adjusted annual rate of 1,143,000. This is 10.1 percent above the revised March rate of 1,038,000 and is 6.4 percent above the April 2014 estimate ...
Single-family authorizations in April were at a rate of 666,000; this is 3.7 percent above the revised March figure of 642,000. Authorizations of units in buildings with five units or more were at a rate of 444,000 in April.
The first graph shows single and multi-family housing starts for the last several years.
Multi-family starts (red, 2+ units) increased in April. Multi-family starts are up 9.2% year-over-year.
Single-family starts (blue) increased in April and are up about 14.7% year-over-year.
The second graph shows total and single unit starts since 1968.
The second graph shows the huge collapse following the housing bubble, and then - after moving sideways for a couple of years - housing is now recovering (but still historically low),
This was well above expectations of 1.029 million starts in April. Overall this was a solid report with upward revisions to prior months. I'll have more later ...
Posted by Bill McBride on 5/19/2015 08:43:00 AM