Global| Nov 17 2017U.S. Housing Starts Recover
by:Tom Moeller
|in:Economy in Brief
Summary
Total housing starts increased 13.7% (-2.9% y/y) during October to 1.290 million units (AR) following a 3.2% September decline to 1.135 million, revised from 1.127 million. The latest level was the highest in twelve months. A level of [...]
Total housing starts increased 13.7% (-2.9% y/y) during October to 1.290 million units (AR) following a 3.2% September decline to 1.135 million, revised from 1.127 million. The latest level was the highest in twelve months. A level of 1.186 million starts had been expected in the Action Economic Forecast Survey. September's figures reflected declines due to hurricanes in Texas & Florida.
Starts of single-family homes rose 5.3% (0.7% y/y) to 877,000, the highest level since February. Multi-family starts jumped 36.9% (-9.6% y/y) to 413,000, a nine-month high.
Housing starts in the Northeast jumped 42.2% (-10.5% y/y), recovering after three straight months of sharp decline. Housing starts in the South rose 17.2% (-0.5% y/y) following two months of decline. Starts in the Midwest increased 18.4% (7.1% y/y) after strengthening for two months. In the West, housing starts declined 3.7% (-9.3% y/y) after two months of moderate increase.
Building permits increased 5.9% (0.9% y/y) to 1.297 million, also reaching a nine-month high, after a 3.7% September fall. Single-family permits rose 1.9% (7.7% y/y) to 839,000, after increasing 2.9%. Permits to build multi-family homes strengthened 13.9% (-9.5% y/y) to 458,000, after declining 14.8%.
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) | Oct | Sep | Aug | Oct Y/Y % | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|
| Total | 1,290 | 1,135 | 1,172 | -2.9 | 1,177 | 1,107 | 1,001 |
| Single-Family | 877 | 833 | 871 | 0.7 | 784 | 712 | 647 |
| Multi-Family | 413 | 302 | 301 | -9.6 | 393 | 395 | 355 |
| Starts By Region | |||||||
| Northeast | 145 | 102 | 108 | -10.5 | 116 | 136 | 109 |
| Midwest | 212 | 179 | 171 | 7.1 | 185 | 150 | 159 |
| South | 621 | 530 | 583 | -0.5 | 584 | 556 | 497 |
| West | 312 | 324 | 310 | -9.3 | 292 | 265 | 236 |
| Building Permits | 1,297 | 1,225 | 1,272 | 0.9 | 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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