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Intraday Economic News: Housing Starts Drop 10.6% In April
Standard & Poors, May 2011
Housing starts dropped 10.6% in April to an annual rate of 523,000 from an upwardly revised 585,000 in March. The consensus was for 570,000 starts. Starts are down 12.8% from April 2010, when the tax rebate program was in full swing. Single-family starts dropped 5.1% to 394,000, and multifamily plunged 28.3% to 114,000. Starts rose in the Midwest and West but fell in the Northeast and South. Weather may have been a factor in the 23.0% decline in the southern states. Permits, which weather affects less than starts, fell 4.0% to 551,000. Although the report is weaker than expected, the upward revision to March starts, from the 549,000 reported a month ago, somewhat offsets the drop. Still, the decline shows...
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