Global| Jul 19 2017U.S. Housing Starts & Building Permits Rebound
by:Tom Moeller
|in:Economy in Brief
Summary
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 [...]
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 |
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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