In another sign that some indicators are revealing that the economy is continuing an upward trajectory, housing starts increased 5.8% in April, following a 1.6% rise in March, according to a report issued today by the Commerce Department and the Department of Housing and Urban Development.
April's housing starts were at a seasonally adjusted annual rate of 672,000, compared to the revised estimate of 635,000 in March. Last month's figures were 40.9% higher than those of April 2009.
Single-family housing starts rose 10.2% to a seasonally adjusted annual rate of 538,000. Single-family housing completions increased 14.6% to 564,000.
Building permits for privately-owned housing fell 11.5% from March's level to a seasonally adjusted annual rate of 606,000. That is a 15.9% increase from April 2009.
Housing starts increased from their March levels in the Northeast, Midwest and South by 23.9%, 16.7% and 7% respectively. They declined in the West by 13.3%
Compared to April 2009, housing starts increased in the Northeast, Midwest, South and West by 66%, 25%, 59.6% and 3.5%, respectively.