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Financial News: U.S. Housing Starts Slump More Than Expected In

U.S. Housing Starts Slump More Than Expected In April

05/16/2018 - 08:40:00 (RTTNews)

(RTTNews) - New residential construction in the U.S. pulled back by much more than anticipated in the month of April, according to a report released by the Commerce Department on Wednesday.

The report said housing starts plunged by 3.7 percent to an annual rate of 1.287 million in April after jumping by 3.6 percent to an upwardly revised 1.336 million in March.

Economists had expected housing starts to drop to an annual rate of 1.310 million from the 1.319 million originally reported for the previous month.

The Commerce Department said building permits also tumbled by 1.8 percent to an annual rate of 1.352 million in April after surging up by 4.1 percent to an upwardly revised 1.377 in March.

Building permits, an indicator of future housing demand, had been expected to edge down to 1.350 million from the 1.354 million originally reported for the previous month.

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