- New home construction increased in April after down revisions
- Proxy for future building fell to lowest since the end of 2022
New US home construction rose by less than forecast in April and permits for new activity dropped, suggesting the recent rise in mortgage rates is giving builders pause.
Housing starts increased 5.7% to a 1.36 million annualized rate after downward revisions to prior months, according to government data released Thursday. The median forecast in a Bloomberg survey of economists called for a 1.42 million rate.
Authorized permits for single-family home construction have now dropped for three straight months to the lowest level since August after trending higher