Global| Sep 17 2015U.S. Housing Starts Decline But Permits Gain
by:Tom Moeller
|in:Economy in Brief
Summary
Housing starts during August eased 3.0% to 1.126 million (AR) from 1.161 million in July, last month reported as 1.206 million. So far this quarter, starts are 1.3% below the Q2 average. The latest figure fell short of expectations [...]
Housing starts during August eased 3.0% to 1.126 million (AR) from 1.161 million in July, last month reported as 1.206 million. So far this quarter, starts are 1.3% below the Q2 average. The latest figure fell short of expectations for 1.16 million starts in the Action Economics Forecast Survey.
Single-family starts declined 3.0% to 739,000 from 762,000. Multi-family starts also fell 3.0% to 387,000, the lowest level in three months.
Housing starts were mixed m/m throughout the country. Activity in the Northeast fell by one-third to 108,000. In the Midwest, starts declined 9.8% to 157,000. Starts in the West eased 1.1% to 259,000 but in the South starts gained 7.1% to 602,000.
Permits to build housing units rebounded 3.5% to 1.170 million units (+8.9% y/y). They remained, however, at the lowest level since April. Multi-family permits increased 4.7% to 471,000 (9.1% y/y) and single-family permits improved 2.8% to 699,000 (8.7% y/y).
The housing starts figures can be found in Haver's USECON database. The expectations figure is contained in the AS1REPNA database.
Why Has Household Debt Declined? from the Federal Reserve Bank of St. Louis is available here.
| Housing Starts (000s, SAAR) | Aug | Jul | Jun | Aug Y/Y % | 2014 | 2013 | 2012 |
|---|---|---|---|---|---|---|---|
| Total | 1,126 | 1,161 | 1,211 | 15.9 | 1,001 | 928 | 784 |
| Single-Family | 739 | 762 | 687 | 15.3 | 647 | 620 | 537 |
| Multi-Family | 387 | 399 | 524 | 17.0 | 354 | 308 | 247 |
| Starts By Region | |||||||
| Northeast | 108 | 163 | 223 | 1.0 | 110 | 97 | 80 |
| Midwest | 157 | 174 | 147 | -11.4 | 159 | 149 | 129 |
| South | 602 | 562 | 552 | 27.2 | 497 | 467 | 400 |
| West | 259 | 262 | 289 | 23.4 | 236 | 217 | 175 |
| Building Permits | 1,170 | 1,130 | 1,337 | 8.9 | 1,052 | 987 | 829 |
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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