US housing starts were impressive on a month-over-month basis, but not year-over-year.
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On a MoM basis, 1-unit starts rose 6.22% in April while apartment starts (5+ unit) rose 2.28%.
But on a YoY basis, 1-unit starts FELL 4.3%. That is a negative reading for 6 out of the last seven months.
5+ unit (multifamily) starts rose 1.4% YoY, but were in decline 5 out of the last 7 months.
We need some upbeat Ann Perkins mojo to get housing construction on a positive path.
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