Global| Aug 16 2016U.S. Housing Starts Improve Further
by:Tom Moeller
|in:Economy in Brief
Summary
Housing starts increased 2.1% during July to 1.211 million units (SAAR) from 1.186 million in June, revised from 1.189 million. It was the highest level since February and 5.6% higher than one year earlier. Expectations were for 1.18 [...]
Housing starts increased 2.1% during July to 1.211 million units (SAAR) from 1.186 million in June, revised from 1.189 million. It was the highest level since February and 5.6% higher than one year earlier. Expectations were for 1.18 million starts in the Action Economics Forecast Survey.
Starts of single-family homes gained 0.5% (1.3% y/y) to 770,000 following a 3.9% rise. Multi-family starts, which include apartments & condominiums, increased 5.0% (14.0% y/y) to 441,000, the third rise in four months.
By region, starts were generally improved last month. In the Northeast, starts increased 15.5% (-15.7% y/y) to the highest level since March. Starts in the South rose 3.5% (11.1% y/y) to the strongest point since September. Starts in the Midwest improved 2.3% (2.3% y/y) after sharp declines in three of the prior four months. To the downside, starts in the West were off 5.9% (+9.1% y/y) following strong increases in the prior two months.
Permits to build a new home were little changed last month (+0.9% y/y) at 1.152 million following a 1.5% rise. Permits to build single-family homes decreased 3.7% (+2.4% y/y) while multi-family permits increased 6.3% (-1.6% y/y).
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) | Jul | Jun | May | Jul Y/Y % | 2015 | 2014 | 2013 |
|---|---|---|---|---|---|---|---|
| Total | 1,211 | 1,186 | 1,128 | 5.6 | 1,107 | 1,001 | 928 |
| Single-Family | 770 | 766 | 737 | 1.3 | 713 | 648 | 618 |
| Multi-Family | 441 | 420 | 391 | 14.0 | 395 | 356 | 307 |
| Starts By Region | |||||||
| Northeast | 134 | 116 | 81 | -15.7 | 136 | 110 | 97 |
| Midwest | 175 | 171 | 191 | 2.3 | 151 | 163 | 150 |
| South | 613 | 592 | 587 | 11.1 | 555 | 496 | 464 |
| West | 289 | 307 | 269 | 9.1 | 265 | 235 | 215 |
| Building Permits | 1,152 | 1,153 | 1,136 | 0.9 | 1,164 | 1,052 | 991 |
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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