Recent Updates

  • Japan: Japan: International Trade (October-Prelim), Government Bond Trading Volume by Catery of Investors (Oct)
  • China: Gross Regional Product (Q3), Output of Energy Products by Region (Oct)
  • Korea: PPI (Oct); Hong Kong: Personal Bankruptcy Petitions (Oct); Philippines: Retail Price Index (Oct); China: Real Estate Investment, Investment in Fixed Assets by Status of Registration (0ct); Taiwan: Approved Foreign Investment (Oct)
  • more updates...

Economy in Brief

U.S. Housing Starts Decline, but Building Permits Rise
by Tom Moeller  October 19, 2016

Housing starts fell 9.0% during September (-11.9% y/y) to 1.047 million units (AR) following a 5.6% August decline to 1.150 million, revised from 1.142 million. It was the lowest level of starts since March of last year. Expectations were for 1.18 million starts in the Action Economics Forecast Survey.

Last month's drop reflected a 38.0% plummet (-40.8% y/y) in starts of multi-family homes, which include apartments & condominiums, to 264,000, the lowest level since June 2013. Starts of single-family homes increased 8.1% (5.4% y/y) to 783,000, the highest level since February.

By region, starts were weak everywhere last month. In the Northeast, starts declined 36.0% (-31.5% y/y) to 87,000. Starts in the Midwest fell 14.1% (+6.6% y/y) to 146,000, the lowest level in 12 months. In the South, starts fell 5.3% (-15.6% y/y) to 532,000. Starts remained unchanged (-4.4% y/y) at 282,000 in the West.

Building permits increased 6.3% (8.5% y/y) to 1.225 million, the highest level since November. Permits to build single-family homes improved 0.4% (4.4% y/y) to 739,000, while permits to build multi-family homes increased 16.8% (15.4% y/y) to 486,000.

The housing starts and permits figures can be found in Haver's USECON database. The expectations figure is contained in the AS1REPNA database.

Home Price Expectations and Behavior: Evidence from a Randomized Information Experiment from the Federal Reserve Bank of New York is available here.

Housing Starts (000s, SAAR) Sep Aug Jul Sep Y/Y % 2015 2014 2013
Total 1,047 1,150 1,218 -11.9 1,107 1,001 928
 Single-Family 783 724 769 5.4 713 648 618
 Multi-Family 264 426 449 -40.8 395 356 307
Starts By Region
 Northeast 87 136 134 -31.5 136 110 97
 Midwest 146 170 157 6.6 151 163 150
 South 532 562 635 -15.6 555 496 464
 West 282 282 292 -4.4 265 235 215
Building Permits 1,225 1,152 1,144 8.5 1,164 1,052 991
close
large image