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Economy in Brief
U.S. Mortgage Loan Applications Continue to Decline As Interest Rates Rise
The MBA total Mortgage Applications Index fell 7.1% (-23.3% y/y) in the week ending October 12...
U.S. Industrial Production Increases Moderately
The factory sector remains in good shape. Industrial production rose 0.3% (5.1% y/y) during September...
U.S. Home Builder Index Improves, but Remains Below Last Year's High
The Composite Housing Market Index from the NAHB-Wells Fargo inched up during October to 68 from an unrevised 67 in September...
U.S. JOLTS: Job Openings Rate Hits Another Record
The Bureau of Labor Statistics reported that the total job openings rate rose to a record 4.6% in August...
U.S. Gasoline and Crude Oil Prices Ease; Natural Gas Prices Increase
Gasoline prices slipped to an average $2.88 per gallon last week (+15.7% y/y)...
by Tom Moeller October 19, 2005
Housing starts remained firm last month and rose 3.4% m/m to 2.108M units.The prior month's figure was revised slightly higher and the September gain far outpaced Consensus expectations for a decline to 1.97M starts.
The Census Bureau indicated that the impact of Hurricane Katrina on the figures was minimal.
Single-family starts rose 2.6% due to 6.2% gains in both the South (14.0% y/y) and in the Midwest (7.3% y/y). In the Northeast, single family starts rose 0.7% (17.2% y/y) and in the West single family starts fell 5.3% (+11.7% y/y).
Multi family starts rose 7.8% m/m after an upwardly revised 1.5% August gain.
Federal Reserve Board Vice-Chairman Roger W. Ferguson's speech on the Economic Outlook for the United States can be found here.
| Housing Starts (000s, AR) | Sept | Aug | Y/Y | 2004 | 2003 | 2002 |
|---|---|---|---|---|---|---|
| Total | 2,108 | 2,038 | 10.3% | 1,950 | 1,854 | 1,710 |
| Single-family | 1,747 | 1,703 | 12.3% | 1,604 | 1,505 | 1,363 |
| Multi-family | 361 | 335 | 1.1% | 345 | 349 | 347 |
| Building Permits | 2,189 | 2,138 | 7.4% | 2,058 | 1,8 88 | 1,749 |
