The US reported better than expected performance in the homebuilding market in April, with housing starts rising by 5.7% and both increased in both multi-family and single-family housing units. March’s data was also revised upwards.
Housing starts increased to 1.235 million units last month, compared to the expected figure of 1.205 million. The main driving factor behind this is believed to be falling mortgage rates.
Building permits, which is a solid indicator of future building activity, increased by 0.6% to 1.296 million units, after falling for three consecutive months.