The results indicate that residential construction is at risk of dragging down growth in the second quarter, lessening any economic rebound after weakness in the previous period. Other indicators of housing demand remain healthy, suggesting that part of the decline in starts and permits could be attributed to shortages of labor and ready-to-build lots, as well as unusually warm weather that may have moved up construction earlier in 2017.
Housing Starts and Building Permits dropped in April
Unexpected declines in U.S. new-home construction and building permits in April indicate the market is off to a weak start this quarter, government data showed Tuesday. Residential starts fell 2.6% to 1.17 mln annualized rate (forecast was 1.26 mln), lowest since November, following revised 1.2 mln pace in the prior month. Permits decreased 2.5% to 1.23 mln annualized pace (forecast was 1.27 million) from 1.26 mln. The decline in starts was driven by a 9.2% drop in multifamily construction.
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