The Real Deal Miami

U.S. residential construction falls in April

May 17, 2011 12:43PM

In a housing market crowded with distressed sellers and hesitant lenders, poor housing construction figures are far from surprising. There were just 523,000 construction starts on U.S. homes in April, down 10.6 from last month, and 23.9 percent from April 2010, according to a report released by the U.S. Department of Housing and Urban Development today. That marks the largest decline since October 2009. New residential building permits also fell in April, to 551,000 from 574,000 in March and 632,000 last April. Housing completions actually rose from March’s all-time low, but still remained 25.5 percent below the number achieved last April. Only the Midwest showed positive signs in April, as housing starts jumped 15.7 percent month-over-month, but they still sit nearly 20 percent below last April’s total. TRD