Global| Feb 16 2018U.S. Housing Starts & Building Permits Increase
by:Tom Moeller
|in:Economy in Brief
Summary
Total housing starts increased 9.7% (7.3% y/y) during January to 1.326 million (AR) from 1.209 million in December, revised from 1.192 million. It was the highest level of starts since October 2016. A level of 1.227 million starts had [...]
Total housing starts increased 9.7% (7.3% y/y) during January to 1.326 million (AR) from 1.209 million in December, revised from 1.192 million. It was the highest level of starts since October 2016. A level of 1.227 million starts had been expected in the Action Economic Forecast Survey.
Starts of single-family homes improved 3.7% (7.6% y/y) to 877,000 from 846,000. Multi-family starts jumped 23.7% (6.7% y/y) to 449,000 from 363,000.
Movement in starts last month varied around the country. Housing starts in the West gained 10.7% to 393,000, the highest level since December 2006. Starts in the South increased 9.3% to 655,000 after an 11.3% fall. Starts in the Northeast jumped 45.3% to 128,000, the highest level in three months. In the Midwest, starts declined 10.2% to 150,000, the lowest level since March of last year.
Building permits increased 7.4% both m/m and y/y to 1.396 million after a 0.2% December dip. Single-family permits declined 1.7% (+7.4% y/y) to 866,00 and reversed December's gain. Permits to build multi-family homes jumped 26.5% (+7.3% y/y) to 530,000, after falling 4.3%.
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) | Jan | Dec | Nov | Jan Y/Y % | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|
| Total | 1,326 | 1,209 | 1,299 | 7.3 | 1,203 | 1,174 | 1,112 |
| Single-Family | 877 | 846 | 946 | 7.6 | 849 | 782 | 715 |
| Multi-Family | 449 | 363 | 353 | 6.7 | 354 | 392 | 397 |
| Starts By Region | |||||||
| Northeast | 128 | 88 | 93 | 2.4 | 112 | 116 | 138 |
| Midwest | 150 | 167 | 179 | -25.7 | 179 | 182 | 153 |
| South | 655 | 599 | 675 | -3.4 | 599 | 585 | 556 |
| West | 393 | 355 | 352 | 70.1 | 313 | 291 | 265 |
| Building Permits | 1,396 | 1,300 | 1,303 | 7.4 | 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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