New construction of U.S. houses retreated to a new record low in April, the Commerce Department estimated Tuesday. Starts plunged 12.8% in April to a seasonally adjusted 458,000 annualized units, weaker than the 519,000 pace expected by economists surveyed by MarketWatch. It is the lowest level since the series began in 1959. The drop was concentrated in starts of large apartment units. Starts of new single-family homes rose by 2.8% to 368,000 in April, while starts of large apartment units fell 46.1% to 90,000. Building permits, a leading indicator of housing construction, fell 3.3% to a seasonally adjusted annual rate of 494,000. This is a record low for permits.
