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Housing

April Housing Starts Kept Lower By Northeast & West Regions

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By Jon C. Ogg Updated Published
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The Commerce Department has reported that Housing Starts for the month of April are up by 2.6% to 717,000 on an annualized basis.  The gains seem high, but the Dow Jones consensus was for Housing Starts to be up by some 4.7%.  The reading for March was also revised higher or less bad to -2.6% from -5.8% initially reported.

April’s single-family housing starts rose by 2.3%, while multi-family homes rose by some 3.2% in April.

The trick part of the equation is Building Permits, which fell by 7.0% to an annualized level of 715,000 in April.  That figure was 769,000 in the month of March.

The Northeast was a drag as starts were down just over 20%, followed by just over an 8% drop in the West.  The South led starts with a gain of more than 11% and the Midwest grew by almost 7%.

JON C. OGG

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About the Author Jon C. Ogg →

Jon Ogg has been a financial news analyst since 1997. Mr. Ogg set up one of the first audio squawk box services for traders called TTN, which he sold in 2003. He has previously worked as a licensed broker to some of the top U.S. and E.U. financial institutions, managed capital, and has raised private capital at the seed and venture stage. He has lived in Copenhagen, Denmark, as well as New York and Chicago, and he now lives in Houston, Texas. Jon received a Bachelor of Business Administration in finance at University of Houston in 1992. www.247wallst.com.

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