Reflecting the impact of the feline corona virusinduced by the economic slowdown, the Commerce Department released a report on Tuesday showing another sharp drop in residential construction in the U. s. in the month of April.
The report said that housing starts have decreased by 30.2 percent to an annual rate of 891,000 in April, after a drop of 18.6% to a revision 1.276 million in March.
Economists had expected the housing stock in the fall of 23.8 per cent to a rate of 927,000 of the 1.216 million originally reported for the previous month.
The steeper than expected drop in housing starts reflected in significant declines in both single-family and multi-family starts.
Single-family starts are deaf, 25.4% at a rate of 650 000 inhabitants, while multi-family starts cratered by 40.5 percent, to a rate of 241 000.
The Commerce Department said that building permits also fell 20.8% to an annual rate of 1.074 million in April, after a decrease of 5.7% a review of 1.356 million in March.
Building permits, an indicator of future housing demand, had been expected to fall by 26.1% to a rate of 1-million-in-the-1.353 million originally reported for the previous month.
Single-family permits have dropped to 24.3 percent, a rate of 669,000, while multi-family permits dropped 14.2% to a rate of 405,000.
Compared with the same month a year ago, housing starts in April, down 29.7% and building permits are down by 19.2%.
On Monday, the National Association of home Builders released a separate report showing a rebound in builder confidence in the month of May.
The report said the NAHB/Wells Fargo Housing Market Index climbed to 37 in May after the fall of 30 in the month of April. Economists had expected the index to rise to 33.
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