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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...
U.S. Consumer Credit Usage Expands
Consumer credit outstanding increased $25.38 billion during October...
German IP Takes Surprising October Slip
Germany's industrial production slowed to a gain of only 0.1% in September then dropped by 0.5% in October...
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 18, 2007
Housing starts rose 2.3% during June to 1.467M and slightly beat Consensus expectations for 1.45M starts. The increase did little to dampen this year’s pace of 20%+ y/y declines.
The increase in June starts was all in multi-family structures. These rose 12.5% to 316,000 but essentially have been moving sideways.
Single-family starts slipped 0.2% to 1.15M, down for the third month in a row.
By region, single-family housing starts in the South fell a hard 4.6% (-27.2% y/y). Single-family starts in the Northeast rose 0.9% (19.6% y/y) and starts in the Midwest rose 3.1% (-21.7% y/y). Out West starts recovered 6.7% (-20.3% y/y).
Today’s testimony by Fed Chairman Ben S. Bernanke can be found here.
| Housing Starts (000s, AR) | June | May | Y/Y | 2006 | 2005 | 2004 |
|---|---|---|---|---|---|---|
| Total | 1,467 | 1,434 | -19.4% | 1,819 | 2,073 | 1,950 |
| Single-family | 1,151 | 1,153 | -21.6% | 1,478 | 1,719 | 1,604 |
| Multi-family | 316 | 281 | -9.7% | 341 | 354 | 345 |
| Building Permits | 1,596 | 1,513 | -24.3% | 1,834 | 2,159 | 2,058 |
