Economic Buzz: US housing starts down 2.8% on month

The US housing starts declined in April as single-family construction slowed, while building permits rebounded month-over-month. Privately-owned housing starts in April were at a seasonally-adjusted annual rate of 1.47 million, down 2.8% from March?s revised estimate but up 4.6% year-over-year. The single-family housing starts were at a rate of 930,000, down 9.0% from March?s revised figure. Multifamily starts ? buildings with five units or more ? increased to a rate of 529,000.Privately-owned housing units authorized by building permits were at a seasonally-adjusted annual rate of 1.44 million in April, up 5.8% from March but almost unchanged on year.

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