Contradictory Construction

While April housing starts rose 6.6% M-o-M and declined 1.7% Y-o-Y, housing starts have been flat for a year. Since 4/15, the peak in monthly seasonally adjusted starts was a rate of 1.213 million in 6/15; the trough was 1.063 million in 5/15. However, this stability exists because the 14% increase in single-family activity has been countered by an offsetting 20% decrease in multifamily activity. Single-family builders have it good.