In a sign of the growing economic toll from the coronavirus pandemic, total housing starts decreased 30.2 percent in April to a seasonally adjusted annual rate of 891,000 units, according to a report from the U.S. Housing and Urban Development and Commerce Department.
The April reading of 891,000 starts is the number of housing units builders would begin if they kept this pace for the next 12 months. Within this overall number, single-family starts decreased 25.4 percent to a 650,000 seasonally adjusted annual rate. This is the lowest single-family starts rate since the first quarter of 2015. The multifamily sector, which includes apartment buildings and condos, decreased 40.5 percent to a 241,000 pace.