Global| Oct 19 2011U.S. Housing Starts Jump Led By Multi-Family Units
by:Tom Moeller
|in:Economy in Brief
Summary
A surge in starts of multi-family units was the impetus behind a 15.0% m/m surge in housing starts last month. The level of starts overall was 658,000 (AR), the highest since April of last year. Expectations were for 590,000 units. [...]
A surge in starts of multi-family units was the
impetus behind a 15.0% m/m surge in housing starts last month. The level
of starts overall was 658,000 (AR), the highest since April of last year.
Expectations were for 590,000 units.
Starts in the multi-family sector jumped by more-than one-half m/m to 233,000, the highest level since October, 2008. Starts of single-family units rose a miniscule 1.7% to 425,000, the midpoint of the range since the middle of last year. By region, housing starts in the West and the South have shown the greatest forward momentum.
Building permits declined 5.0% (+5.7% y/y) to the lowest level since April. Multi-family permits dropped 14.5% (+11.3% y/y) and single-family permits slipped 0.2% (+3.5% y/y).
The housing starts figures can be found in Haver's USECON database. The expectations figure is contained in the AS1REPNA database.
The Effects of the Great Recession on Central Bank Doctrine and Practice is the title of yesterday's speech by Fed Chairman Ben S. Bernanke and it can be found here.
| Housing Starts (000s, SAAR) | Sep | Aug | Jul | Y/Y % | 2010 | 2009 | 2008 |
|---|---|---|---|---|---|---|---|
| Total | 658 | 572 | 615 | 10.2 | 585 | 554 | 900 |
| Single-Family | 425 | 418 | 430 | -4.9 | 471 | 442 | 616 |
| Multi-Family | 233 | 154 | 185 | 55.3 | 114 | 112 | 284 |
| Starts By Region | |||||||
| Northeast | 62 | 55 | 85 | -10.1 | 72 | 61 | 120 |
| Midwest | 94 | 86 | 90 | -3.1 | 98 | 95 | 134 |
| South | 339 | 293 | 306 | 13.8 | 296 | 281 | 451 |
| West | 163 | 138 | 134 | 22.6 | 120 | 117 | 195 |
| Building Permits | 594 | 625 | 601 | 5.7 | 603 | 582 | 896 |
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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