
Housing Starts Unchanged, Single Family Slipped
by:Tom Moeller
|in:Economy in Brief
Summary
Housing starts were unchanged last month at 2.004M units.Consensus expectations had been for 2.05M starts. Single-family starts slipped 2.5% after rising 4.2% in May which was a slightly weaker gain than reported initially. The June [...]
Housing starts were unchanged last month at 2.004M units.Consensus expectations had been for 2.05M starts.
Single-family starts slipped 2.5% after rising 4.2% in May which was a slightly weaker gain than reported initially. The June decline in single family starts occurred in the Midwest (-10.0% m/m, +13.4% y/y) and in the West (-10.2% m/m, +4.8% y/y). In the Northeast starts rose to the second highest level on record (5.1% m/m, 7.5% y/y) and in the South single family starts rose as well (4.0% m/m, 10.4% y/y).
Multi family starts gained back about half of the prior month's decline with a 14.2% rise.
Building permits rose 2.4% and generally have moved sideways this year.
Housing Starts (000s, AR) | June | May | Y/Y | 2004 | 2003 | 2002 |
---|---|---|---|---|---|---|
Total | 2,004 | 2,004 | 9.7% | 1,950 | 1,854 | 1,7 10 |
Single-family | 1,667 | 1,709 | 9.2% | 1,604 | 1,505 | 1,363 |
Multi-family | 337 | 295 | 12.0% | 345 | 349 | 347 |
Building Permits | 2,111 | 2,062 | 4.8% | 2,058 | 1,8 88 | 1,749 |
Tom Moeller
AuthorMore in Author Profile »Prior to joining Haver Analytics in 2000, Mr. Moeller worked as the Economist at Chancellor Capital Management from 1985 to 1999. There, he developed comprehensive economic forecasts and interpreted economic data for equity and fixed income portfolio managers. Also at Chancellor, Mr. Moeller worked as an equity analyst and was responsible for researching and rating companies in the economically sensitive automobile and housing industries for investment in Chancellor’s equity portfolio. Prior to joining Chancellor, Mr. Moeller was an Economist at Citibank from 1979 to 1984. He also analyzed pricing behavior in the metals industry for the Council on Wage and Price Stability in Washington, D.C. In 1999, Mr. Moeller received the award for most accurate forecast from the Forecasters' Club of New York. From 1990 to 1992 he was President of the New York Association for Business Economists. Mr. Moeller earned an M.B.A. in Finance from Fordham University, where he graduated in 1987. He holds a Bachelor of Arts in Economics from George Washington University.