WASHINGTON, May 18 (Reuters) – U.S. housing starts rose more than expected
in April to touch their highest level since October 2008 likely on the back of
a home buyer tax credit, but permits hit a six-month low, a government report
showed on Tuesday.
The Commerce Department said housing starts rose 5.8 percent to a
seasonally adjusted annual rate of 672,000 units. March’s housing starts were
revised to show a 5 percent increase, which was previously reported as a 1.6
percent gain.
Analysts polled by Reuters had expected housing starts to rise to 650,000
units. Compared to April last year, starts were up 40.9 percent, the largest
increase since March 1994.
Groundbreaking for single-family homes rose 10.2 percent last month to an
annual rate of 593,000 units after a 2.1 percent increase in March. Starts for
the volatile multifamily segment tumbled 18.6 percent to a 79,000-unit annual
pace, partially reversing the prior month’s 24.4 percent surge.
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