Housing starts overall dipped 2.6% in April, following downwardly revised data for March. We attribute the dip to the highly volatile multifamily segment, which has shown weakness in recent months. April marks the fourth month in a row of declining starts for multifamily structures. Levels currently sit at 337,000 (on an annualized basis) but had been as high as 460,000 in December of 2016.
Single-family housing starts edged higher to 835,000, annualized, for April.