U.S. new-home construction declined in April as fewer starts of apartment projects outweighed a modest improvement in single-family structures, government figures showed Wednesday.
Highlights of Housing Starts (April)
Residential starts fell 3.7% to a 1.29 mln annualized rate (est. 1.31 mln) after revised 1.34 mln pace in prior month
Multifamily home starts slumped 11.3% after a 13.6 percent March increase; single-family rose 0.1%
Permits, a proxy for future construction of all types of homes, fell 1.8% to 1.35 mln rate (matching est.)
Report included revisions to housing starts dating back to 2013 and building permits to 2012.