Permits for residential construction hit a seasonally adjusted annual rate of 1,143,000 units, according to data from the Census Bureau and the Department of Housing and Urban Development. That’s up 10.1% from March’s pace of 1,038,000 units, and well above analysts’ forecast of 1.06 million units. It’s also an increase of 6.4% from April of 2014 and the highest rate since 2007.
On a non-seasonally adjusted basis, a total of 105,000 permits were issued in April, compared to just 91,300 in March.
Housing starts also spiked, rising nationally by 20.2% from March to a seasonally adjusted rate of 1,135,000 and blowing past analysts’ projections of 1.02 million. Single-family construction started on 733,000 units, up 16.7% from March. Construction was authorized for 444,000 multifamily buildings as well, a 20% spike over March.
Housing completions were up as well, finishing April at a seasonally adjusted rate of 986,000. That’s a 20.4% jump from March’s rate of 819,000 and a 19.4% jump from April of 2014.
Single-family homes were completed at a rate of 688,000 units, 14.5% higher than March’s rate and 15.2% higher than April of 2014. About 288,000 multifamily units were completed.
Residential construction hit its highest level in years last month, blowing past analysts’ expectations.