Housing Production Dips 3.7 Percent in U.S.

According to the U.S. Department of Housing and Urban Development and the Commerce Department, total U.S. housing production fell 3.7 percent in April 2018 to a seasonally adjusted annual rate of 1.29 million units after an upwardly revised March reading of 1.34 million. The March report marked an 11-year high for housing production. The April reading of 1.29 million units is the number of housing unit’s builders would begin if they kept this pace for the next 12 months. The drop in overall production can be attributable to a decline in the multifamily sector--which includes apartment buildings and condos--after a big uptick in March.