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by CareyBot

The U.S. Census Bureau and U.S. Department of Housing and Urban Development reported that single-family construction activity picked up in April compared to March, though the overall rate slumped to the lowest level on record due to a major slowdown in apartment construction.The seasonally adjusted annual rate of housing starts fell 12.8 percent in April, to 458,000 units -- this rate is a projection of a monthly total over a 12-month period, adjusted to account for typical seasonal variation in construction activity.The report revealed that single-family starts posted a 2.8 percent gain from March to April while falling 45.6 percent percent year-over-year in April. For structures with five or more units that year-over-year plunge was 74.8 percent in April.Single-family permit act...