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Construction Numbers Highest Since 2007, Crushing Expectations

Tuesday, May 19, 2015

Residential construction numbers soared in April after a dismal March and both the number of residential permits issued and housing starts easily outpaced the expectations of analysts surveyed earlier by Reuters.  The numbers were especially strong in the Northeast region as its unusually harsh winter ended.  The construction data was provided in a joint release from the U.S. Census Bureau and the U.S. Department of Housing and Urban Development

Permits for residential construction were issued at a seasonally adjusted annual rate of 1,143,000 units, an increase of 10.1 percent from the slightly downgraded (from 1,039,000 units) March estimate of 1,038,000 units.  Analysts had forecast permits at 1.06 million units.  The current estimate is an increase of 6.4 percent from the 1,074,000 units permitted in April 2014.

 

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