No Good News for Economy in Latest Housing Starts Report

May 19, 2009 — Today the U.S. Census Bureau and the Department of Housing and Urban Development released their report on new residential construction in April 2009.

After a modest rise in March figures, new housing starts fell 12.8%, to a record-low of 458,000 in April./p>

New starts are down more than 54% from April 2008, and are 79.8% below the historic high of 2.27 million in January 2006.

Building Permits

Privately-owned housing units authorized by building permits in April were at a seasonally adjusted annual rate of 494,000. This is 3.3 percent (±2.3%) below the revised March rate of 511,000 and is 50.2 percent (±1.4%) below the revised April 2008 estimate of 991,000./p>

Single-family authorizations in April were at a rate of 373,000; this is 3.6 percent (±2.2%) above the revised March figure of 360,000./p>

Authorizations of units in buildings with five units or more were at a rate of 103,000 in April.

Housing Starts

Privately-owned housing starts in April were at a seasonally adjusted annual rate of 458,000. This is 12.8 percent (±13.0%)* below the revised March estimate of 525,000 and is 54.2 percent (±6.0%) below the revised April 2008 rate of 1,001,000./p>

Single-family housing starts in April were at a rate of 368,000; this is 2.8 percent (±16.3%)* above the revised March figure of 358,000./p>

The April rate for units in buildings with five units or more was 78,000.

Housing Completions

Privately-owned housing completions in April were at a seasonally adjusted annual rate of 874,000. This is 4.9 percent (±16.6%)* above the revised March estimate of 833,000, but is 15.0 percent (±13.6%) below the revised April 2008 rate of 1,028,000./p>

Single-family housing completions in April were at a rate of 549,000; this is 0.2 percent (±14.9%)* above the revised March figure of 548,000. The April rate for units in buildings with five units or more was 313,000.

Read the report with tables here.

Also available is the report on 2008 Annual Building Permits.

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