U.S. housing starts rise 2.6% in April to 717,000

WASHINGTON (MarketWatch)
Construction on new U.S. homes rose 2.6% in April to an annual rate of 717,000 units, while permits fell 7% to 715,000 one month after reaching a nearly four-year high, the government reported Wednesday
Economists surveyed by MarketWatch had expected housing starts in April to rise to total 690,000 on a seasonally adjusted basis
Housing starts in March were revised up sharply to 699,000 from 654,000, while permits were revised up to 769,000 - the highest level since September 2008 - from an original reading of 747,000
In April, permits for single-family homes, which account for three-quarters of the housing market, edged up 1.9% to an annual rate of 475,000
Permits for new construction are viewed as a gauge of future demand