US single-family home starts dropped by 7.3% due to surge in multifamily production

The single-family home starts fell by 7.3% to a 1.10 million seasonally adjusted annual rate.
The multifamily sector, which includes apartment buildings and condos, grew by 15.3% to an annualized 624,000 pace.
Single-family permits are down 2.3% on a year-to-date basis so far in 2022 due to high mortgage rates and construction costs
Due to a surge in multifamily production, overall housing starts fell by 0.2% to a seasonally adjusted annual rate of 1.72 million units.
On a regional and year-to-date basis, combined single-family and multifamily starts grew by 6.3% in the Northeast, 5.2% in the Midwest, 13.3% in the South, and 8.3% in the West.
Overall permits fell by 3.2% to a 1.82 million unit annualized rate in April, single-family permits fell by 4.6% to a 1.11 million unit rate, and multifamily permits fell by 1.0% to an annualized 709,000 pace.

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