Washington, DC, May 16, 2014 — Home construction starts surged in April to the fastest pace in five months, according to the Commerce Department
Housing starts rose 13.2% to a seasonally adjusted annual rate of 1.07 million, the fastest pace since November.
Economists were looking for a rate of 980,000, compared with March’s starts rate of 947,000.
Multi-family starts with at least five units rose 43% in April to an annual pace of 413,000.
Starts for single-family homes rose 1% to an annual rate of 649,000.
Building permits rose 8% in April to an annual rate of 1.08 million, the fastest pace since June 2008.
The increase was led by apartments, with permits for buildings with at least five units rising 22%, while permits for single-family homes rose less than 1% to an annual pace of 602,000.