Member access

4-Traders Homepage  >  News

News

Latest NewsCompaniesMarketsEconomy & ForexCommoditiesHot NewsMost Read NewsRecomm.Business LeadersVideosCalendar 

US April Housing Starts Up 2.6%

05/16/2012 | 08:46am US/Eastern
========================================================== 
 U.S. Housing Starts       Apr     Mar   ! Consensus:    ! 
 Total Starts:            +2.6%   -2.6%r !       +4.7%   ! 
 Single-Family:           +2.3%   +2.3%r ! Actual:       ! 
                                         !       +2.6%   ! 
========================================================== 
 
   By Eric Morath and Alan Zibel 
   Of  
 

U.S. home building grew in April, the latest sign that the recovery may be strengthening in the long-struggling market.

Home construction increased 2.6% from March to a seasonally adjusted annual rate of 717,000, the Commerce Department said Wednesday. Year-over-year, starts were up nearly 30%.

Economists surveyed by Dow Jones Newswires had forecast April's housing starts would grow to a seasonally adjusted annual rate of 685,000. That would have been a 4.7% jump from the prior month's previously reported figures. March starts, however, were revised significantly upward to a rate of 699,000 starts from a previously reported 654,000. The newly stated data reflects a 2.6% decline from February.

Construction of single-family homes, which made up 69% of housing starts last month, grew 2.3% in April and was up 18.8% from a year ago. Meanwhile, multifamily homes with at least two units increased by 3.2% in April.

In a speech Tuesday, Federal Reserve Gov. Elizabeth Duke cited several positive signs for the housing market, including stabilization in home prices and a decline in newly delinquent borrowers. In addition, she said that readings of housing construction activity have been "somewhat encouraging" as housing starts and building permits have increased from the depths of the bust.

This year's home construction figures, while up from a low of 478,000 in April 2009, are still well below the historical average. Builders have started construction on about 1.5 million new homes per year since 1959.

The number of new housing permits, an indication of future construction, fell by 7.0% to annualized level of 715,000 in April after reaching 769,000 the prior month, the highest rate since September 2008. Economists had forecast permits to drop to 730,000.

Still, builders' confidence in the market is growing. The National Association of Home Builders' May housing market index, released Tuesday, reached the highest level in five years as more potential buyers appeared confident that the housing market has hit bottom. The Commerce data showed that new building was mixed across four U.S. regions. Starts were up 11.6% in the South and grew 6.7% in the Midwest. Starts fell by 20.7% in the Northeast and were down 8.1% in the West. Actual housing starts, calculated without seasonal adjustments, increased to 64,200 in April from an upwardly revised 57,400 in March. Lumber and commodities markets watch those numbers closely to gauge demand.

The Commerce report can be found at http://www.census.gov/construction/nrc/pdf/newresconst.pdf

-By Eric Morath and Alan Zibel, Dow Jones Newswires; 202 862 9279; eric.morath@dowjones.com 
 

Latest news
Date Title
3m ago CYTORI THERAPEUTICS : Announces Resignation of Lloyd H. Dean Effective November 1, 2014
3m ago PETAQUILLA MINERALS : Announces Expected Late Filing of Audited Annual Financial Statements
5m ago KENYA AIRWAYS : KQ plane makes emergency landing
8m ago JINHUA CAPITAL CORPORATION : Announces Proposed Non-Brokered Private Placement
9m ago DOMINION MIDSTREAM PARTNERS : Closes Initial Public Offering
9m ago PETAQUILLA MINERALS : Announces Expected Late Filing of Audited Annual Financial Statements
10m ago BBCN Bancorp Reports 2014 Third Quarter Financial Results
11m ago PRIVAIRA to Attend NBAA and Will Be Key Sponsor of Noble Financial Equity Conference at Club Med, Florida - January
13m ago GENERAL ELECTRIC : WB to invest in wind power farm
13m ago CIC INSURANCE : goes regional with Sh1bn war chest
Latest news
Advertisement
Hot News 
BANCO ESPIRITO SANTO : Novo Banco's Angolan Bank to Lose Most of Loan From Collapsed Banco Espirito Santo
DOMINION MIDSTREAM PARTNERS : Entry into a Material Definitive Agreement, Change in Directors or Principal Officers, Amendments to Articles of Inc. or Bylaws; Change in Fiscal Year, Financial Statements and Exhibits (form 8-K)
NUTRECO : SHV and Nutreco announce a recommended cash offer of EUR 40 per share for all shares of Nutreco
PRESIDENT ENERGY : Oil Discovery in Paraguayan Chaco
SINOCOKING COAL AND COKE CHEM IND : Aboveground Syngas Facility Commences Operations
Most Read News
28m ago AbbVie says $55 billion acquisition of Shire officially dead
48m ago GULFMARK OFFSHORE : Announces Third Quarter 2014 Operating Results
49m ago MASTERCARD : Brings Contactless Payment to the 2014 World Series
49m ago EDISON : The Real Treat Should Be a Safe Halloween Season
49m ago STEEL DYNAMICS : Reports Third Quarter 2014 Diluted Earnings Per Share of $0.38
Most recommended articles
25m ago US DOLLAR TECHNICAL ANALYSIS : Oscillating in Familiar Territory
28m ago AbbVie says $55 billion acquisition of Shire officially dead
32m ago New Microsoft CEO pay tops $80 million with big stock awards
38m ago Actavis, Sanofi among bidders for Omega Pharma- Bloomberg
45m ago EUR/USD TECHNICAL ANALYSIS : Digesting Below 1.29 Figure
Dynamic quotes  
ON
| OFF