US housing starts continue to fall in April

According to data from the US Commerce Department, US housing starts posted a further decrease in April after a sharp fall in March.

The data from US Census Bureau and the Department of Housing and Urban Development reveals that privately owned housing starts stood at 1,172,000 in April with a decrease of 2.6% month-on-month from a revised 1,203,000 registered in March. Market expectations were calling for housing starts to stand at 1,260,000 in April.

However, housing starts were up by 0.7% in April year-on-year

Meanwhile, building permits in April were also down by 2.5% month-on-month to reach 1,229,000 and stood below the expectations of 1,270,000. On a yearly basis, however, building permits increased by 5.7%.