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13:30 Dados States
8:30 AM ET, May 16, 2007 - 20 minutes ago
U.S. housing starts down 16% year-on-year
U.S. building permits down 28% year-on-year
Drop in April building permits largest in 17 years
U.S. April building permits fall 8.9% to 1.43M, 10-year low
U.S. housing starts rise 2.5% to 1.53M, vs. 1.48M expected
ECONOMIC REPORT: Building permits drop to 10-year low; Housing starts gain 2.5% in April to 1.53 million annual rate
By Rex Nutting, MarketWatch Last Update: 8:31 ET May 16, 2007
WASHINGTON (MarketWatch) - U.S. home builders pulled back on filing for permits to build homes in April, but started construction on more houses than they did in March, the Commerce Department reported Wednesday.
In mixed data on the housing market, the government said building permits fell 8.9% to a seasonally adjusted annual rate of 1.429 million, the lowest since June 1997.
It was the largest percentage decline in 17 years. And it was much lower than the 1.51 million pace expected by economists surveyed by MarketWatch.
Meanwhile, the number of new houses started increased by 2.5% to a seasonally adjusted annual rate of 1.528 million, higher than the 1.48 million pace expected.
Permits are down 28% in the past 12 months, while starts are down 16%.
On Tuesday, the National Association of Home Builders reported that its confidence index fell back to a 16-year low of 30 in May, signifying that about a third of builders are confidence in the housing market.
The government cautions that its housing data are volatile and subject to large sampling and other statistical errors. In most months, the government can't be sure whether starts increased or decreased. In April, for instance, the standard error was plus or minus 9.3%.
It can take five months for a new trend in housing starts to emerge from the data. In the past five months, housing starts have averaged 1.51 million annualized, down from 1.52 million in the five months ending in March and 2.0 million in April 2006.
Permits for single-family homes dropped 6% in April to 1.06 million, a 10-year low. Starts of single-family homes rose 1.6% to 1.23 million annualized, the highest in four months.
Permits for multi-family dwellings plunged 16% to 366,000. Starts of multi-family units increased 6.3% to 303,000, also a four-month high.
Permits are generally considered a better indicator of building than starts, which can be influenced heavily by weather conditions. The sampling error on permits is lower as well.
Housing completions fell 5.8% to a seasonally adjusted annual rate of 1.523 million. Completions are down 26% from April 2006.
By region, starts increased 31% in the Northeast and 7.8% in the West. Starts fell 14% in the Midwest and were essentially unchanged in the South.
U.S. housing starts down 16% year-on-year
U.S. building permits down 28% year-on-year
Drop in April building permits largest in 17 years
U.S. April building permits fall 8.9% to 1.43M, 10-year low
U.S. housing starts rise 2.5% to 1.53M, vs. 1.48M expected
ECONOMIC REPORT: Building permits drop to 10-year low; Housing starts gain 2.5% in April to 1.53 million annual rate
By Rex Nutting, MarketWatch Last Update: 8:31 ET May 16, 2007
WASHINGTON (MarketWatch) - U.S. home builders pulled back on filing for permits to build homes in April, but started construction on more houses than they did in March, the Commerce Department reported Wednesday.
In mixed data on the housing market, the government said building permits fell 8.9% to a seasonally adjusted annual rate of 1.429 million, the lowest since June 1997.
It was the largest percentage decline in 17 years. And it was much lower than the 1.51 million pace expected by economists surveyed by MarketWatch.
Meanwhile, the number of new houses started increased by 2.5% to a seasonally adjusted annual rate of 1.528 million, higher than the 1.48 million pace expected.
Permits are down 28% in the past 12 months, while starts are down 16%.
On Tuesday, the National Association of Home Builders reported that its confidence index fell back to a 16-year low of 30 in May, signifying that about a third of builders are confidence in the housing market.
The government cautions that its housing data are volatile and subject to large sampling and other statistical errors. In most months, the government can't be sure whether starts increased or decreased. In April, for instance, the standard error was plus or minus 9.3%.
It can take five months for a new trend in housing starts to emerge from the data. In the past five months, housing starts have averaged 1.51 million annualized, down from 1.52 million in the five months ending in March and 2.0 million in April 2006.
Permits for single-family homes dropped 6% in April to 1.06 million, a 10-year low. Starts of single-family homes rose 1.6% to 1.23 million annualized, the highest in four months.
Permits for multi-family dwellings plunged 16% to 366,000. Starts of multi-family units increased 6.3% to 303,000, also a four-month high.
Permits are generally considered a better indicator of building than starts, which can be influenced heavily by weather conditions. The sampling error on permits is lower as well.
Housing completions fell 5.8% to a seasonally adjusted annual rate of 1.523 million. Completions are down 26% from April 2006.
By region, starts increased 31% in the Northeast and 7.8% in the West. Starts fell 14% in the Midwest and were essentially unchanged in the South.
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