|Builders had a spring in their step in April, as new housing starts surged 11 percent to a seasonally adjusted annual rate of 2,038,000, according to statistics released this week by the U.S. Census Bureau and the Department of Housing and Urban Development. Single family starts were more moderate, posting a 6.3 percent gain.
"Today's housing report should dispel any further concerns of a soft patch in the economy," said National Association of Home Builders NAHB Chief Economist David Seiders. "Following lackluster readings in March, the latest employment, retail sales and trade numbers are all better than expected. The economy and housing market are still fundamentally solid."
Building permits issued in April also rose 5.3 to a seasonally adjusted annual rate of 2,129,000, according to the report.
Construction of new homes and apartments increased 25 percent in the South, 6.2 percent in the Midwest and 2.5 percent in the West. Unusually wet weather conditions contributed to a 17.8 percent decline in the Northeast.
This eUpdate posting by: Steve@BuildingOnline.com, Editor