U.S. April housing starts off 2.1% to 1.97 million
WASHINGTON (CBS.MW) - Home construction continued at a robust pace in April, with new starts slipping about 2.1 percent to a seasonally adjusted annual rate of 1.97 million, the Commerce Department estimated Tuesday. Building permits, considered a leading economic indicator, rose about 1.2 percent to a 2.0 million annual rate. The figures were in line with Wall Street expectations for a 1.98 million rate for starts. In April, starts of single-family homes dipped 0.6 percent to a 1.61 million rate from March's 1.62 million rate. Starts of multifamily units, however, sank 8.4 percent to an estimated 359,000 from 392,000. Starts grew modestly in all regions except the West, where they fell 13.7 percent to 447,000.
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