Global| Apr 17 2018U.S. Housing Starts and Building Permits Recover
by:Tom Moeller
|in:Economy in Brief
Summary
Total housing starts in March increased 1.9% to 1.319 million units (SAAR) following February's 3.3% decline to 1.295 million, revised from 1.236 million. A level of 1.260 million starts had been expected in the Action Economic [...]
Total housing starts in March increased 1.9% to 1.319 million units (SAAR) following February's 3.3% decline to 1.295 million, revised from 1.236 million. A level of 1.260 million starts had been expected in the Action Economic Forecast Survey.
An increased number of multi-family starts accounted for last month's overall gain. They jumped 14.4% (23.8% y/y) to 452,000, the highest level since October 2016. Starts of single-family homes declined 3.7% last month (+5.2% y/y) to 867,000 from February's 900,000. It was the lowest level in three months.
Movement in starts last month varied around the country. Housing starts in the Midwest strengthened 22.4% last month (29.5% y/y) to 180,000 after a 1.4% February rise. In the Northeast,s starts notched 0.8% higher (13.8% y/y) to 132,000 after two months of strong increase. Starts in the West declined 1.5% (28.2% y/y) to 386,000 and reversed February's 1.8% gain. Starts in the South slipped 0.6% to 621,000 after a 9.9% decline.
Building permits increased 2.5% (7.5% y/y) to 1.395 million following a 4.1% February decline. Single-family permits declined 5.5% (+1.7% y/y) to 840,000 after a 1.4% increase in February. Permits to build multi-family homes jumped 19.0% (18.4% y/y) to 514,000, after falling 13.6%.
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) | Mar | Feb | Jan | Mar Y/Y % | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|
| Total | 1,319 | 1,295 | 1,339 | 10.9 | 1,203 | 1,174 | 1,112 |
| Single-Family | 867 | 900 | 899 | 5.2 | 849 | 782 | 715 |
| Multi-Family | 452 | 395 | 440 | 23.8 | 354 | 392 | 397 |
| Starts By Region | |||||||
| Northeast | 132 | 131 | 115 | 13.8 | 112 | 116 | 138 |
| Midwest | 180 | 147 | 145 | 29.5 | 179 | 182 | 153 |
| South | 621 | 625 | 694 | -1.9 | 599 | 585 | 556 |
| West | 386 | 392 | 385 | 28.2 | 313 | 291 | 265 |
| Building Permits | 1,354 | 1,321 | 1,377 | 7.5 | 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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