U.S. homebuilding dropped to a five-year low in April, underlining fears that the novel coronavirus crisis would lead to the deepest economic contraction in the second quarter since the Great Depression.
Housing starts tumbled 30.2% to a seasonally adjusted annual rate of 891,000 units last month, the lowest level since early 2015, the Commerce Department said on Tuesday. Economists polled by Reuters had forecast housing starts would fall to a pace of 927,000 units in April.
Housing starts dropped 29.7% on a year-on-year basis in April. Homebuilding fell in all four regions last month.
Though many states considered homebuilding as essential when they enforced lockdown orders in mid-March to…