Total housing starts rebounded moderately in April, increasing 2.8% to 1.66 million units annually. Most of the rebound came from starts of multifamily housing; single-family starts increased only slightly. Multifamily starts have become more volatile this year compared to the same period a year ago: In April they rose 14%, following on the heels of a 40% decline in March. Overall, housing starts have softened since January, when the annual rate stood at 1.74 million units. Total building permits fell slightly in April to 1.57 million units annually, a small decline from the previous month but a more significant 10.7% decline since the beginning of the year.
Suggested citation: "Housing Conditions," Federal Reserve Bank of Cleveland, Economic Trends, no. 00-06, pp. 15, 06.01.2000.