The U.S. Census Bureau is out with its monthly report on new residential construction which shows a small pick up in the market.
According to the report, privately owned housing starts in April were at a seasonally adjusted annual rate of 1,401,000. This is 2.2 percent above the revised March estimate but 22.3 percent below April 2022.
Permitting for new projects was down 1.5 percent compared to March 2023 with authorizations at a seasonally adjusted annual rate of 1,416,000.
Privately owned housing completions in April were at a seasonally adjusted annual rate of 1,375,000. This is 10.4 percent below the revised March estimate of 1,534,000, but is 1 percent above April 2022. Single‐family housing completions in April were at a rate of 971,000—6.5 percent below March 2023. The April rate for units in buildings with five units or more was 400,000.