New Residential Building Permits: Down 3.2% in April

The U.S. Census Bureau and the Department of Housing and Urban Development have now published their findings for April new residential building permits. The latest reading of 1.819M was down 3.2% from the March reading and is above the forecast of 1.812M. Annual revisions were made.

Here is the opening of this morning's monthly report:

Building Permits

Privately‐owned housing units authorized by building permits in April were at a seasonally adjusted annual rate of 1,819,000. This is 3.2 percent below the revised March rate of 1,879,000, but is 3.1 percent above the April 2021 rate of 1,765,000. Singlefamily authorizations in April were at a rate of 1,110,000; this is 4.6 percent below the revised March figure of 1,163,000. Authorizations of units in buildings with five units or more were at a rate of 656,000 in April. [link to report]

Here is the complete historical series, which dates from 1960. Because of the extreme volatility of the monthly data points, a 6-month moving average has been included.