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April's Harsh Residential Construction Numbers Meet Expectations

Posted To: MND NewsWire

The April residential construction numbers are, of course, horrible. But they aren’t out of line with expectations, and builders did continue to plan for expansion and to build. The U.S. Census Bureau says that construction permits fell 20.8 percent compared to March, and housing starts were down 30.2 percent. Here are the gruesome details. The April decrease in permits put the seasonally adjusted annual rate at 1,074,000 units, down 19.2 percent year-over-year. The March estimate, which had represented a 6.8 percent decrease from February as the COVID-19 shutdowns were starting to happen, was actually revised slightly higher, from 1,353,000 to 1,356,000. Analysts has expected permits to be in the range of 750,00 to 1,150,000 units on an annual basis. The consensus of those polled by Econoday…(read more)

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