Single-family starts fell 18% in April, pulling down total construction starts 2% in April to a seasonally adjusted annual rate of $853.5 billion, according to Dodge Data & Analytics.
Multifamily starts rose 5%, which limited the slide of overall residential building starts to 12% and a seasonally adjusted annual rate of $387.8 billion in April, according to Dodge. Total residential starts were 24% higher year to date. Single-family starts rose 31%, while multifamily starts increased 6%.
"The pullback in single-family construction starts was inevitable after showing exceptional strength over the past year," said Richard Branch, chief economist for Dodge Data & Analytics, said in a prepared statement. "Higher material prices, supply shortages, and a dearth of skilled construction labor were bound to catch up with housing and will ultimately limit the ability of this sector to show the same rate of expansion this year as it did last."
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Leslie Shaver
Les Shaver has been covering commercial and residential real estate for almost 20 years. His work has appeared in Multifamily Executive, Builder, units, Arlington Magazine in addition to GlobeSt.com and Real Estate Forum.
