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U.S. housing starts, building permits fall sharply

Reuters  |  WASHINGTON 

WASHINGTON (Reuters) - U.S. homebuilding tumbled in April and permits fell, suggesting the housing market continued to tread water amid shortages of land and skilled labor. Housing starts dropped 3.7 percent to a seasonally adjusted annual rate of 1.287 million units in April, the Commerce Department said on Wednesday. The decline reversed March's rise.Data for March was revised to show starts rising to a 1.336 million-unit rate instead of the previously reported 1.319 million-unit pace. Building permits fell 1.8 percent to a rate of 1.352 million units last month. Economists polled by ...

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First Published: Wed, May 16 2018. 18:40 IST