Single family housing starts in April 2015 showed some improvement from prior months but remain close to levels from 1981 when there were many fewer households. While the year-over-year growth rate of single family starts has decelerated recently, it remains within its current range. Single family housing permits also increased slightly but are at levels last seen in 1970 when there were half as many households, and the year-over-year growth rate of permits remains very slow.

1. April 2015 Single Family Permits and Starts
A quickdepictionof April 2015’ssingle familypermitsandstarts. We will have alongerhousingnote laterthisweek.
1. Single FamilyStarts
From a level perspective we are seeingsome improvementalthoughwe remaincloseto1981 levelswhenthere were
1/3 fewerhouseholds:
From a y/yperspective,we remainwithinthe currentrange (while the recentpace hasdeceleratedto6.2%y/y from
as highas 6.9% inJanuary2015):

2. 2. Single FamilyPermits
From a level perspective,singlefamilypermitshave shownsome improvementbutremainatlevelsseenasfarback
as 1970 whenthere were half asmanyhouseholdsastoday:

3. Andfrom a y/yperspective,growthisveryslow: