Global| May 16 2018U.S. Housing Starts and Building Permits Decline
by:Tom Moeller
|in:Economy in Brief
Summary
Total housing starts in April fell 3.7% (+10.5% y/y) to 1.287 million (SAAR) from 1.336 million during March, revised from 1.319 million. A level of 1.318 million starts had been expected in the Action Economics Forecast Survey. [...]
Total housing starts in April fell 3.7% (+10.5% y/y) to 1.287 million (SAAR) from 1.336 million during March, revised from 1.319 million. A level of 1.318 million starts had been expected in the Action Economics Forecast Survey.
Starts of single-family homes nudged 0.1% higher last month (7.2% y/y) to 894,000, following a 0.8% decline in March to 893,000 million units. Starts of multi-family units declined 11.3% to 393,000 units and reversed the increase during the prior month to 443,000 units.
Movement in starts last month varied around the country. In the Midwest, housing starts declined 16.3% (-18.4% y/y) to 164,000 following a 27.3% March increase. Starts in the West fell 12.0% (+12.0% y/y) to 346,000, the lowest level in six months. Housing starts in the Northeast were off 8.1% (+34.1% y/y) to 114,000, the lowest level since December. To the upside, starts in the South increased 6.4% (16.3% y/y) to 663,000 after a 1.3% gain.
Building permits declined 1.8% (+7.7% y/y) to 1.352 million units following a 4.1% March increase. Single-family permits improved 0.9% (7.9% y/y) to 859,000 after a 4.0% decline. Permits to build multi-family homes fell 6.3% (+7.4% y/y) to 493,000, after rising 20.4%.
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) | Apr | Mar | Feb | Apr Y/Y % | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|
| Total | 1,287 | 1,336 | 1,290 | 10.5 | 1,203 | 1,174 | 1,112 |
| Single-Family | 894 | 893 | 900 | 7.2 | 849 | 782 | 715 |
| Multi-Family | 393 | 443 | 390 | 18.7 | 354 | 392 | 397 |
| Starts By Region | |||||||
| Northeast | 114 | 124 | 132 | 34.1 | 112 | 116 | 138 |
| Midwest | 164 | 196 | 154 | -18.4 | 179 | 182 | 153 |
| South | 663 | 623 | 615 | 16.3 | 599 | 585 | 556 |
| West | 346 | 393 | 389 | 12.0 | 313 | 291 | 265 |
| Building Permits | 1,352 | 1,377 | 1,323 | 7.7 | 1,254 | 1,207 | 1,183 |
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.
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