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Economy in Brief

U.S. Housing Starts & Building Permits Rebound
by Tom Moeller  July 19, 2017

Total housing starts increased 8.3% (2.1% y/y) during June to 1.215 million (AR) from 1.122 million in May, revised from 1.092 million. It was the highest level of starts since February. Starts of 1.150 million had been expected in the Action Economic Forecast Survey.

Starts of single-family homes improved 6.3% (10.3% y/y) to 849,000, also the highest level since February. Starts of multi-family units rose 13.3% (-12.9% y/y) to 366,000, a four month high.

By region, starts in the Northeast strengthened 83.7% (38.6% y/y) to 158,000, the highest level since October. In the Midwest starts, increased 22.0% (9.0% y/y) to 205,000, a seven month high. Starts in the West improved 1.6% (6.0% y/y) to 319,000, the highest level since February. Starts in the South declined 3.8% to 533,000 (-9.2% y/y), the fifth consecutive monthly shortfall.

Building permits increased 7.4% (5.1% y/y) to 1.254 million from 1.168 million in May. It was the highest level in three months. Permits to build single-family homes rose 4.1% (9.2% y/y) to 811,000, while multi-family permits gained 13.9% (-1.6% y/y) to 443,000.

The housing starts and permits 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 % 2016 2015 2014
Total 1,215 1,122 1,154 2.1 1,17 1,107 1,001
 Single-Family 849 799 823 10.3 784 712 647
 Multi-Family  366 323 331 -12.9 393 395 355
Starts By Region
 Northeast 158 86 85 38.6 116 136 109
 Midwest 205 168 200 9.0 185 150 159
 South 533 554 562 -9.2 584 556 497
 West 319 314 307 6.0 292 265 236
Building Permits 1,254 1,168 1,228 5.1 1,207 1,178 1,053
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