Recent Updates

  • *** Australia Building Activity and Value of Private Construction have been re-referenced to Q3 2015-Q2 2016 ***
  • US: Industrial Production Detail (Dec)
  • US: ADP Workforce Vitality Index (Q4)
  • Ireland: Harmonized Competitiveness Indicators (Dec)
  • UK: Government Deficit and Debt Under the Maastrict Treaty (Q3)
  • Spain: Harmonized Business Confidence (Q1), Outstanding Debt (Nov)
  • Slovakia: HICP (Dec); Albania: Foreign Trade (Dec); Kazakhstan: State/Republican Budget, Fixed Capital Investment (Dec);
  • more updates...

Economy in Brief

U.S. Housing Starts Strength Reflects Strong Multi-Family Building
by Tom Moeller  July 17, 2015

Housing starts during June increased 9.8% (26.5% y/y) to 1.174 million (AR) from 1.069 million in May, last month reported as 1.036 million. June's figure exceeded expectations for 1.108 million starts in the Action Economics Forecast Survey.

Multi-family housing starts jumped 29.4% (55.3% y/y) and more than reversed May's decline. The latest level was the highest since April 1988. Single-family starts eased 0.9% (+14.0% y/y) to 685,000, down 6.8% from the April high.

Housing starts were mixed m/m throughout the country. Activity in the Northeast recovered by roughly one-third m/m (55.4% y/y) to 206,000, the highest level since June 2008. The strength represented a tripling y/y of multi-family starts. In the South, new building gained 13.5% to 571,000 (45.7% y/y), reflecting a one-third m/m rise in multi-family. In the Midwest, starts eased 0.7% m/m and were down roughly one-quarter y/y. Starts in the West declined 6.0% (+9.1% y/y) to 252,000; but multi-family starts here have increased nearly three times from the recession low.

Permits to build housing units increased 7.4% to 1.343 million units (40.9% y/y). It followed two months of similarly strong increase to the highest level since July 2007, driven by a surge in the Northeast. Multi-family permits nearly doubled versus last year while single-family permits gained 11.4% 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) Jun May Apr Jun Y/Y % 2014 2013 2012
Total 1,174 1,069 1,190 26.5 1,001 928 784
 Single-Family 685 691 735 14.0 647 620 537
 Multi-Family 489 378 455 55.3 354 308 247
Starts By Region
 Northeast 206 152 193 102.2 110 97 80
 Midwest 145 146 167 -25.6 159 149 129
 South 571 503 525 45.7 497 467 400
 West 252 268 305 9.1 236 217 175
Building Permits 1,343 1,250 1,140 40.9 1,052 987 829
close
large image