US Housing Starts Fall Less than Expected

US housing starts were down 2.8% month-on-month to a seasonally adjusted annual rate of 1.465 million in April 2026, compared to an upwardly revised 1.507 million in March which was the highest level since December 2024 and above forecasts of 1.41 million. The data suggest that high mortgage rates are weighing on builders. Single-family starts were down 9% to 0.93 million, while multi-family starts jumped 14.3% to 0.529 million. Regionally, construction activity declined in the South (+9.1% to 794,000), the West (-11% to 723,000), but increased in the Northeast (+16.1% to 180,000), the West (+5% to 356,000) and the Midwest (+2.5% to 206,000).

US housing starts rose 10.8% month-on-month to a seasonally adjusted annual rate of 1.502 million in March 2026, the highest level since December 2024 and well above forecasts of 1.40 million, as builders scaled up construction despite ongoing affordability challenges. Single-family starts surged 9.7% to a 13-month high of 1.032 million, while multi-family starts jumped 9.6% to 446,000. Regionally, construction activity climbed sharply in the South (+9.1% to 794,000), the West (+7.2% to 311,000), the Midwest (+12.2% to 221,000), and the Northeast (+24.8% to 176,000). Meanwhile, building permits, a leading indicator of future construction, fell to an annualized pace of 1.372 million, the lowest level since August. The data suggests the housing market may be finding its footing, with builders using incentives to draw in buyers. Yet, the Iran war has introduced fresh economic uncertainty, pushing material costs and mortgage rates higher.

US housing starts rose 7.2% month-on-month to a seasonally adjusted annual rate of 1.487 million in January 2026, up from a downwardly revised 1.387 million in December and well above forecasts of 1.35 million. This marked the third consecutive monthly increase, lifting starts to their highest level since February 2025. Multi-family starts jumped 29.1% to a four-month high of 406,000, while single-family starts slipped 2.8% to 935,000. Regionally, construction activity climbed sharply in the South (up 11.4% to 810,000) and the Northeast (47.4% to 196,000), but fell in the West (-7.5% to 307,000) and the Midwest (-10.8% to 174,000).