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Photographer: Luke Sharrett/Bloomberg

U.S. new-home construction declined in April as fewer starts of apartment projects outweighed a modest improvement in single-family structures, government figures showed Wednesday. Residential starts fell 3.7% to a 1.29 mln annualized rate (est. 1.31 mln) after revised 1.34 mln pace in prior month. Multifamily home starts slumped 11.3% after a 13.6% March increase; single-family rose 0.1%. Permits, a proxy for future construction of all types of homes, fell 1.8% to 1.35 mln rate (matching est.).  Report included revisions to housing starts dating back to 2013 and building permits to 2012. Stable single-family starts and an increase in the number of homes authorized but not yet started underscore a pace of residential construction that will probably support economic growth as homebuilders remain upbeat about the market’s progress.

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