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Economy in Brief
Philadelphia Fed Factory Conditions Improve; Prices Jump
The Philadelphia Fed reported that its General Factory Sector Business Conditions Index rose to 23.2 during April...
U.S. Initial Claims for Unemployment Insurance Are Little Changed
Initial unemployment insurance claims slipped to 232,000 (-6.1% y/y) during the week ended April 14...
U.K. Retail Sales Fall
U.K. GDP is expected to cool its jets when the first quarter GDP number is released...
U.S. Mortgage Loan Applications Rebound; Interest Rates Steady
The MBA total Mortgage Applications Volume Index increased 4.9% last week (1.0% y/y), ...
Japan’s Trade Surplus Returns Even As Trade Flows Slow
While the IMF has just lifted its outlook for growth in 2018, Japan is logging weaker and weaker export and import growth as the year progresses...
by Tom Moeller May 17, 2005
Housing starts rebounded 11.0% in April and recovered about half of the prior month's unrevised 17.6% decline.The rise to 2.038M exceeded Consensus expectations for 1.97M starts. Figures were revised back to 2003.
Single-family starts gained back just a piece of the prior month's sharp decline with a 6.3% m/m rise. All of the rise was due to a 21.1% (11.4% y/y) increase in the South while single family starts in the Northeast dropped for the third month this year (-12.9% y/y). Single family starts in the Midwest fell 7.6% (-19.1% y/y) and starts in the West were off 4.7% but still up 1.0% y/y.
Multi family starts gained back most of the prior moth's skid with a 35.2% rise.
Building permits rose 5.3%. This first increase in three months was nearly back to the record high.
| Housing Starts (000s, AR) | April | March | Y/Y | 2004 | 2003 | 2002 |
|---|---|---|---|---|---|---|
| Total | 2,038 | 1,836 | 3.6% | 1,950 | 1,854 | 1,7 10 |
| Single-family | 1,635 | 1,538 | 0.7% | 1,604 | 1,505 | 1,363 |
| Multi-family | 403 | 298 | 17.3% | 345 | 349 | 347 |
| Building Permits | 2,129 | 2,021 | 2.9% | 2,058 | 1,8 88 | 1,749 |
