Housing starts fell 6.8 percent in April, the U.S. Commerce Department reported May 16.
Land Use Law Report, May, 2003
HOUSING STARTS fell 6.8 percent in April, the U.S. Commerce Department reported May 16. However, building permits rose 1.2 percent, suggesting builders are expecting sales of new houses to continue brisk. David Seiders, chief economist of the National Association of Home Builders, said the association's latest builder surveys showed a great deal of optimism about future sales activity in the single-family marketplace.
Single-family housing starts were off 3.0 percent, while multifamily starts, traditionally more volatile from month to month, declined 22 percent. By region, the South posted an 11 percent decline in sales, followed by the Midwest with a 7.0 percent drop. Sales were off 1.3 percent in the Northeast and less than one percent in the West.
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