US housing starts, permits rebound in April
Construction of single-family houses rose 3.3% to an annualized pace of 778,000 units while housing starts for volatile multi-family houses surged 13.9% to an annual pace of 394,000 units in April. Housing starts for single-family houses rose 9.0% to their highest level since December 2007 in the South while they also rose 12.8% in the Midwest. However, single-family starts fell in the Northeast and the West.
Meanwhile, April building permits increased 3.6% to an annualized pace of 1.12 million units. Permits for construction of single-family houses rose 1.5% in April while permits for multi-family buildings increased 8.0%.
According to some economists, economic growth may regain some momentum in the second quarter based on last month’s housing starts data and stronger retail sales.
More free plastics newsPlastic resin (PP, LDPE, LLDPE ,HDPE, PVC, GPS; HIPS, PET, ABS) prices, polymer market trends, and more...
- PLAST EURASIA 2022: Eyes on Russian and US supplies with demand woes in focus
- December PE offers to SE Asia imply further drops, yet to respond to China
- Has the bear market for Asian PVC almost run its course?
- Demand outlook for crude oil dims amid China worries
- Asian styrene prices rebound from almost two-year lows
- Turkey’s PE market on brink of new drops for December
- Signs of optimism in China PP and PE markets, but caution remains
- Egypt’s import PP, PE markets flat but domestic prices turn upwards in Nov
- PVC downturn enters 7th month, prices still far from pre-pandemic levels in Europe
- Aggressive US PE offers make a scene across global markets in Q4 after a hiatus of 2 years