Starts of new U.S. homes fell more than forecast in April to a five-month low, indicating a pause in the industry’s progress as builders slowed work on apartments. Building permits surged to an almost five-year high.
Housing starts in the U.S. probably fell in April from an almost five-year high, indicating a pause in the industry’s progress as builders slowed work on apartment buildings, economists said before a report today.
Industrial production declined in April by the most in eight months, indicating American manufacturers will provide little support for an economy beset by weaker global markets and federal budget cuts.
North American mills are sawing lumber at the fastest pace in six years after a recovering U.S. housing market, a beetle infestation in Canada and increasing Chinese demand drove the biggest price surge in two decades.
Even as U.S. housing rebounds from its worst downturn since the 1930s, production bottlenecks are pushing up building-materials costs, land prices are rising and skilled labor ready to begin work is hard to find.