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U.S. Housing Starts Sink 16.5% On Multifamily Drop

Construction of new homes sank last month, a sign of weakness for a part of the economy that has been in recovery mode.Overall housing starts fell 16.5% in April to a seasonally adjusted annual rate of 853,000, the Commerce Department said Thursday. The figures were the weakest since November.Single-family homes fell 2.1%, the second-straight monthly decline. Multifamily homes with at least five units, a volatile component of the data, plunged 37.8%.The report was far worse than expected. Economists surveyed by Dow Jones Newswires had forecast housing starts would fall 6.4% to a rate of 970,000. March's figures were revised downward to a rate of 1.02 million from an originally reported 1.04 million.Meanwhile, the number of new building permits, an indication of future construction, rose 14.3% to an annualized rate of 1.02 million in April. That reading was above the estimates of economists, who had forecast that permits would increase 2.5% to a rate of 930,000.The housing market helped...

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