April housing starts disappoint as material costs hinder builders

Source: Scotsman Guide — 

Residential construction in April dropped 9.5% monthly to a seasonally adjusted annual rate of 1.57 million units, according to the latest numbers from the U.S. Census Bureau and Department of Housing and Urban Development.

That pace is still up 67.3% from April 202’s rate of 938,000, though that statistic is misleading given the widespread upheaval caused by the onset of the COVID-19 pandemic across the country last spring. The monthly decrease was larger than expected, precipitated by the increased costs of building materials and amplified by unusually wet April weather in the South and Midwest.