US: Housing starts likely fell 4.1% in April – Nomura

According to analysts at Nomura, US housing starts likely fell 4.1% m-o-m to an annualized rate of 1265k in April.

Key Quotes

“Although we think that consumer demand remained steady, transitory factors likely lowered total housing starts. We expect a modest decline in single-family housing starts, reflecting a slowdown in building permits for single-family housing construction in March and colder-than-usual weather in April. Volatile multifamily housing starts could decline sharply in April following a 14.4% m-o-m jump in March.”

“In addition, we expect a 2.0% m-o-m decline to an annualized rate of 1351k in housing permits in April. Residential construction activity likely remained intact in April, but colderthan-usual weather in some areas may have lowered permits.”