- Japan: International Trade (May-Prelim), Flow of Funds (Q1-Prelim); Real Trade Index (May)
- New Zealand: BOP (Q1)
- US: Office and Industrial Vacancy Rates (Q1)
- US: CPI, New Residential Construction (May)
- Canada: Housing Starts (May, Final)
- US: Consumer Price Detail (May)
- Austria: GDP (Q1)
- more updates...
Economy in Brief
U.S. CPI Ticks Higher But Food Prices Slip
The cost of living remains under control. The consumer price index edged up a minimal 0.1% in May...
U.S. Chain Store Sales Tick Up W/W but Trend Lower
Consumer spending this month seems to be on a weak footing...
U.S. Gasoline Prices Slip While Crude Oil Strengthens
The price of regular gasoline retreated last week to $3.63 per gallon but remained up 2.6% versus last year...
German Zew Expectations Make Slight Rise as European Auto Sales Struggle
The Zew economic index for Germany saw its expectations component rise slightly to 38.5 from 36.4 in June...
U.S. Home Builders Index Surges To Highest Level Since 2006
Improvement in the housing market is gaining momentum...
Empire State Factory Index Recovers but Components Weaken
Empire State Factory Index of General Business Conditions rose to 7.84 this month from an unrevised -1.43 in May...
by Tom Moeller June 18, 2013
Housing starts recovered last month following a sharp April decline. There has been no growth, however, during the last several months. Total housing starts increased 6.8% (28.6% y/y) during May to 914,000 (AR) from 856,000 in April, initially reported as 853,000 mil. Expectations had been for 950,000 starts in the Action Economics survey. Starts of multi-family units recovered 21.6% (60.7% y/y) to 315,000 and made up half of April's drop. Starts of single-family homes, however, ticked just 0.3% higher (16.3% y/y) to 599,000. These starts have been trending sideways since last fall.
By region, higher starts in the South led last month's recovery with a 17.8% increase (33.5% y/y) to 490,000. Starts in the West also rebounded 5.7% (39.0% y/y) to 221,000 and made up all of April's drop. Working the other way, housing starts in the Northeast fell 9.0% (-9.0% y/y), the fourth monthly decline this year. Starts were down 38.3% from the December peak. In the Midwest, housing starts fell 13.7% last month (+23.4% y/y) to 132,000.
Building permits backpedaled 3.1% (+20.8% y/y) to 974,000 last month following a 12.9% April jump. Permits to build single-family homes gained 1.3% (24.6% y/y) to 622,000, the high for the economic recovery. Permits to build multi-family units fell 10.0% (+14.7% y/y) to 352,000.
The housing starts figures can be found in Haver's USECON database. The expectations figure is contained in the AS1REPNA database.
|Housing Starts (000s, SAAR)||May||Apr||Mar||May Y/Y%||2012||2011||2010|
|Starts By Region|