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Economy in Brief
Wholesale Inventories Grow While Sales Decline
Wholesale inventories increased 0.8% month-on-month (6.9% year-over-year) during October...
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German IP Takes Surprising October Slip
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U.S. Trade Deficit Widens to 10-Year High; Record Goods Shortfall
The U.S. trade deficit in goods and services widened for the fifth consecutive month to $55.49 billion in October...
U.S. ADP Private Sector Payroll Growth Eases
The ADP National Employment Report indicated that private nonfarm payrolls increased 179,000 during November...
by Tom Moeller July 19, 2005
Housing starts were unchanged last month at 2.004M units.Consensus expectations had been for 2.05M starts.
Single-family starts slipped 2.5% after rising 4.2% in May which was a slightly weaker gain than reported initially. The June decline in single family starts occurred in the Midwest (-10.0% m/m, +13.4% y/y) and in the West (-10.2% m/m, +4.8% y/y). In the Northeast starts rose to the second highest level on record (5.1% m/m, 7.5% y/y) and in the South single family starts rose as well (4.0% m/m, 10.4% y/y).
Multi family starts gained back about half of the prior month's decline with a 14.2% rise.
Building permits rose 2.4% and generally have moved sideways this year.
| Housing Starts (000s, AR) | June | May | Y/Y | 2004 | 2003 | 2002 |
|---|---|---|---|---|---|---|
| Total | 2,004 | 2,004 | 9.7% | 1,950 | 1,854 | 1,7 10 |
| Single-family | 1,667 | 1,709 | 9.2% | 1,604 | 1,505 | 1,363 |
| Multi-family | 337 | 295 | 12.0% | 345 | 349 | 347 |
| Building Permits | 2,111 | 2,062 | 4.8% | 2,058 | 1,8 88 | 1,749 |
