Although building permits and housing starts increased between March and April they were still significantly lower than a year ago, according to a government report released today.

The report from the U.S. Census Bureau and the Department of Housing and Urban Development found that privately owned housing units authorized by building permits in April hit a seasonally adjusted annual rate of 978,000, up 4.9 percent from March’s rate of 932,000. However, this is 34.3 percent below the April 2007 estimate of 1.49 million.

The seasonally adjusted rate is a projection of a monthly total over a 12-month period, adjusted to account for seasonal fluctuations in construction activity.

Single-family authorizations, in particular, increased 4 percent between March and April, rising from a rate of 621,000 to a rate of 646,000. Authorizations of units in buildings with five units or more recorded a rate of 294,000 in April, down from 350,000 in April 2007.

The report found that privately owned housing starts hit a seasonally adjusted annual rate of 1.03 million last month, an increase of 8.2 percent from the March estimate of 954,000. Compared to a year ago, the rate was down 30.6 percent from 1.48 million starts.

April starts for single-family units dipped to a rate of 692,000, off 1.7 percent from 704,000 in March, while the rate for units in buildings with five units or more climbed from 253,000 to 326,000 during the period.

As for housing completions, the seasonally adjusted rate on privately owned projects dropped 16 percent between March and April, falling from 1.19 million to 1 million. A year ago these completions were 34.9 percent higher at a rate of 1.53 million.

April’s housing completions in the single-family sector fell to a rate of 792,000, down 13 percent from 910,000 reported in March, while completions for units in buildings with five units or more sank from 226,000 to 181,000.

***

What’s your opinion? Leave your comments below or send a letter to the editor.

Show Comments Hide Comments

Comments

Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
Success!
Thank you for subscribing to Morning Headlines.
Back to top
×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription