Housing Starts Increase 1.6%

Housing starts rose 1.6% to their highest rate in a year last month as a boom in apartment construction offset a slight decline in single-family construction, the government reported today.

The Commerce Department reported that home building advanced in April to an annual rate of 1.91 million units. While the 1.6% increase was far below the big 14.3% rise posted in March, it was enough to push housing activity to its strongest pace since an an annual rate of 1.95 million units in April, 1984.