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Multifamily Construction Gains in April While Single-Family Declines
Overall housing starts increased 1.6% in April to a seasonally adjusted annual rate of 1.36 million units, the U.S. Department of Housing and Urban Development and the U.S. Census Bureau reported. Starts for single-family homes declined 2.1% month-over-month to a seasonally adjusted annual rate of 927,000 while multifamily starts increased 10.7% to an annualized 434,000 units.
Overall permits decreased 4.7% to a 1.41-million-unit annualized rate in April. Single-family permits decreased 5.1% to a 922,000-unit rate and are down 6.2% compared to April 2024. Multifamily permits decreased 3.7% to a 490,000 pace.
“The decline in single-family housing starts in April mirrors builder sentiment, as elevated interest rates, uncertainty on the tariff front and rising construction costs are exacerbating housing affordability challenges,” said Buddy Hughes, chairman of the National Association of Home Builders and a home builder and developer from Lexington, NC. “In turn, this is making it more difficult for builders to deliver entry-level housing at a price point that is accessible to home buyers.”
- ◦Development
