Building Permits Fall 1.5% in April

The U.S. Census Bureau and the Department of Housing and Urban Development have now published their findings for April new residential building permits. The latest reading of 1.416M came in below's forecast of 1.437M and is a 1.5% decrease from March’s revised figure of 1.437M. Building permits are down 21.1% compared to one year ago.

Here is the opening of this morning's monthly report:

Privately‐owned housing units authorized by building permits in April were at a seasonally adjusted annual rate of 1,416,000. This is 1.5 percent below the revised March rate of 1,437,000 and is 21.1 percent below the April 2022 rate of 1,795,000. Single‐family authorizations in April were at a rate of 855,000; this is 3.1 percent above the revised March figure of 829,000. Authorizations of units in buildings with five units or more were at a rate of 502,000 in April. [link to report]