The U.S. housing sector was in full bloom in April, as construction during the month revved up to its fastest pace since before the Great Recession.
New privately owned housing starts – a category that includes single-family and multi unit housing – rose to a seasonally adjusted rate of 1.14 million, according to data from the U.S. Census Bureau and Department of Housing and Urban Development. Up 20.2 percent month over month, it was the sector’s largest monthly gain since November 2007 and represented a 9.2 percent jump year over year.
Housing construction was sluggish during a particularly rough winter, especially in the Northeast and Midwest. And the numbers didn’t rebound markedly in March, making some analysts anxious for April’s numbers.
The uptick is good news for a housing sector that has largely lagged behind the rest of the economy. It’s also a good sign for domestic construction, which shed nearly 30 percent of its employees between April 2006 and January 2011 but has since gained steadily, according to the Labor Department.
Single-family housing starts in April were up 16.7 percent month over month, while construction of buildings with at least five units jumped nearly 32 percent. More here.