Global| Nov 20 2012U.S. Housing Starts Rise and Remain At Highest Level Since 2008
by:Tom Moeller
|in:Economy in Brief
Summary
In October, building was begun on more residential housing units than in any month since July 2008. Total housing starts gained another 3.6% (41.9% y/y) to 894,000 (AR) last month from 863,000 during September, revised up from [...]
In October, building was begun on more residential housing units than in any month since July 2008. Total housing starts gained another 3.6% (41.9% y/y) to 894,000 (AR) last month from 863,000 during September, revised up from 872,000. Expectations had been for 840,000 starts. Since the recession trough in April 2009 starts have risen 87.0%. Higher starts of multi-family homes led the October increase with an 11.9% rise (57.1% y/y) to 300,000. Single-family starts slipped 0.2% (+35.3% y/y) to 594,000.
By region, starts in the West led last month's increase with a 17.2% rise (73.1% y/y) followed by an 8.9% gain (44.5% y/y) in the Midwest. Elsewhere in the country there were m/m declines. Starts in the Northeast fell 6.5% (+10.8% y/y) and in the South housing starts were off 2.5% (+34.3% y/y).
Building permits declined 2.7% (+29.8% y/y) to 866,000 during October. Permits for multi-family homes backpedaled 10.6% (+36.3% y/y) but single-family permits increased 2.2% m/m (26.6% y/y).
The housing starts figures can be found in Haver's USECON database. The expectations figure is contained in the AS1REPNA database.
The Economic Recovery and Economic Policy is the title of today's speech by Federal Reserve Chairman Ben S. Bernanke and it can be found here.
| Housing Starts (000s,SAAR) | Oct | Sep | Aug | Y/Y% | 2011 | 2010 | 2009 |
|---|---|---|---|---|---|---|---|
| Total | 894 | 863 | 750 | 41.9 | 612 | 586 | 554 |
| Single-Family | 594 | 595 | 538 | 35.3 | 434 | 471 | 442 |
| Multi-Family | 300 | 268 | 212 | 57.1 | 178 | 114 | 112 |
| Starts By Region | |||||||
| Northeast | 72 | 77 | 74 | 10.8 | 68 | 72 | 61 |
| Midwest | 159 | 146 | 130 | 44.5 | 103 | 97 | 95 |
| South | 431 | 442 | 376 | 34.3 | 309 | 296 | 281 |
| West | 232 | 198 | 170 | 73.1 | 131 | 120 | 117 |
| Building Permits | 866 | 890 | 801 | 29.8 | 624 | 604 | 582 |
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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