The Census Bureau and the U.S. Department of Housing and Urban Development said that residential construction activity rebounded strongly in April. New housing starts jumped from an annualized 944,000 in March to 1,135,000 in April, its fastest pace since November 2007, the month before the start of the Great Recession. As such, it appears that the housing market has begun to move beyond the weather-related softness seen in some regions of the country in February and March. On a year-over-year basis, housing starts have risen 9.2 percent since April 2014.
Both single-family (up from 628,000 to 733,000) and multi-family (up from 316,000 to 402,000) housing starts were higher in April, which was encouraging. The single-family growth rates was the fastest since January 2008, with multi-family starts reaching a nine-month high. (continue reading…)