by Calculated Risk on 5/16/2012 08:30:00 AM
Wednesday, May 16, 2012
Housing Starts increase to 717,000 in April
From the Census Bureau: Permits, Starts and Completions
Housing Starts:
Privately-owned housing starts in April were at a seasonally adjusted annual rate of 717,000. This is 2.6 percent (±14.8%)* above the revised March estimate of 699,000 and is 29.9 percent (±15.2%) above the revised April 2011 rate of 552,000.
Single-family housing starts in April were at a rate of 492,000; this is 2.3 percent (±11.9%)* above the revised March figure of 481,000. The April rate for units in buildings with five units or more was 217,000.
Building Permits:
Privately-owned housing units authorized by building permits in April were at a seasonally adjusted annual rate of 715,000. This is 7.0 percent (±1.0%) below the revised March rate of 769,000, but is 23.7 percent (±1.9%) above the revised April 2011 estimate of 578,000.
Single-family authorizations in April were at a rate of 475,000; this is 1.9 percent (±1.1%) above the revised March figure of 466,000. Authorizations of units in buildings with five units or more were at a rate of 217,000 in April.

Total housing starts were at 717 thousand (SAAR) in April, up 2.6% from the revised March rate of 699 thousand (SAAR). Note that March was revised up sharply from 654 thousand.
Single-family starts increased 2.3% to 492 thousand in April. March was revised up to 481 thousand from 462 thousand.
The second graph shows total and single unit starts since 1968.

Total starts are up 50% from the bottom, and single family starts are up 39% from the low.
This was above expectations of 690 thousand starts in April, and was especially strong given the upward revisions to prior months.
The housing recovery continues.