US home building slides 3.7 percent in April - KWWL - Eastern Iowa Breaking News, Weather, Closings

US home building slides 3.7 percent in April

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AP Economics Writer

WASHINGTON (AP) -- U.S. builders broke ground on fewer apartment buildings last month, pushing overall home construction down 3.7 percent from March.
The Commerce Department said Wednesday that housing starts fell to a seasonally adjusted annual rate of 1.29 million in April, lowest since December. Apartment construction tumbled 12.6 percent to 374,000. Construction of single-family homes blipped up 0.1 percent to 894,000.
Still, housing starts are up 10.5 percent from April 2017 on a 7.2 percent increase in single-family homes, and a 19.1 percent surge in apartments.
Home construction has grown steadily since the housing crash hit bottom in 2012.  The pace of homebuilding remains below its long-run average of about 1.5 million a year. Demand for housing is strong: Millennials are increasingly moving out on their own and seeking to buy homes.

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