“Construction starts of single-family houses and multifamily buildings is going through an overall slowdown from a big surge, split two ways:

+ A clear slowdown in single-family starts

+ A flattening out of multifamily starts at the highest levels since 1986.

Total residential construction starts in April (black line) jumped to 127,100 housing units, not seasonally adjusted, the fourth month in a row of gains, which is typical for the season. But year-over-year, they were down 22.6%”