US Housing Starts, Permits Fall Short as Mortgage Rates Rise
- New home construction increased in April after down revisions
- Proxy for future building fell to lowest since the end of 2022
Homes under construction in Lillington, North Carolina, US.
Photographer: Allison Joyce/BloombergThis article is for subscribers only.
New US home construction rose by less than forecast in April and permits for new activity dropped, suggesting the recent rise in mortgage rates is giving builders pause.
Housing starts increased 5.7% to a 1.36 million annualized rate after downward revisions to prior months, according to government data released Thursday. The median forecast in a Bloomberg survey of economists called for a 1.42 million rate.