by Calculated Risk on 5/18/2022 08:39:00 AM

From the Census Bureau: Permits, Starts and Completions

Housing Starts:
Privately‐owned housing starts in April were at a seasonally adjusted annual rate of 1,724,000. This is 0.2 percent below the revised March estimate of 1,728,000, but is 14.6 percent above the April 2021 rate of 1,505,000. Single‐family housing starts in April were at a rate of 1,100,000; this is 7.3 percent below the revised March figure of 1,187,000. The April rate for units in buildings with five units or more was 612,000.

Building Permits:
Privately‐owned housing units authorized by building permits in April were at a seasonally adjusted annual rate of 1,819,000. This is 3.2 percent below the revised March rate of 1,879,000, but is 3.1 percent above the April 2021 rate of 1,765,000. Single‐ family authorizations in April were at a rate of 1,110,000; this is 4.6 percent below the revised March figure of 1,163,000. Authorizations of units in buildings with five units or more were at a rate of 656,000 in April.
emphasis added

Click on graph for larger image.

The first graph shows single and multi-family housing starts for the last several years.

Multi-family starts (blue, 2+ units) increased in April compared to March.   Multi-family starts were up 40.5% year-over-year in April. 

Single-family starts (red) decreased in April and were up 3.7% year-over-year.

The second graph shows single and multi-family housing starts since 1968.

This shows the huge collapse following the housing bubble, and then the eventual recovery (but still not historically high).

Total housing starts in April were below expectations, and starts in February and March, were revised down, combined.

I'll have more later …