Recent Updates

  • New Zealand: External Migration (Jul)
  • Korea: PPI, Domestic Supply Price and Total Output Price Indexes (Jul), 20 Days of Trade (Aug); China: Credit Cards (Q2)
  • Spain: Other MFI Balance Sheet (Jun)
  • Turkey Business Outlook PMI (Jul)
  • Germany: Outstanding Debt Securities, Wages and Earnings (Jun), Federal Budget, Monthly Tax Receipts, PPI (Jul)
  • South Africa: Tourism & Migration (Jun); Israel: Inflation
  • more updates...

Economy in Brief

U.S. Housing Starts Exhibit Disappointing Rebound
by Tom Moeller  April 16, 2014

Housing starts in March gained 2.8% to 946,000 units (AR) from 920,000 in February, revised up from 907,000. The latest figure fell short of expectations for 970,000 starts in the Action Economics Forecast Survey. Starts of single-family homes increased 6.0% m/m to 635,000 (1.9% y/y), the highest level since December. Starts of multi-family homes, however, fell 3.1% (-18.6% y/y) to 311,000, the lowest level since October.

By region, starts in the Midwest gained roughly three-quarters (2.9% y/y) to 144,000 while in the Northeast, starts rebounded 30.7% (22.3% y/y) to 115,000. To the downside, starts in the South fell 9.1% (-13.9% y/y) to 477,000 and starts in the West fell 4.5% (-3.2% y/y) to 210,000.

Also weak were building permits which fell 2.4% (+11.2% y/y). Permits to build single-family homes ticked 0.5% higher (-1.2% y/y) but permits to build multi-family homes declined 6.4% (+26.8% y/y).

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) Mar Feb Jan Mar Y/Y % 2013 2012 2011
Total 946 920 903 -5.9 929 783 612
 Single-Family 635 599 582 1.9 621 537 434
 Multi-Family 311 321 321 -18.6 308 247 178
Starts By Region
 Northeast 115 88 117 22.3 96 80 68
 Midwest 144 87 62 2.9 149 128 103
 South 477 525 488 -13.0 467 400 309
 West 210 220 236 -3.2 217 175 132
Building Permits 990 1,014 945 11.2 964 829 624
close
large image