Prior month Housing starts 1.263 million revised from 1.256 millionPrior month building permits 1.394 million. Housing starts 1.321M versus 1.300M estimateBuilding permits 1.397M vs 1.390M estimate
Here is a more detailed summary:
Building Permits
Total permits: 1.397M SAAR, +0.2% MoM, -4.4% YoY
Single-family permits: 866K, -3.7% MoM
Multi-family (5+ units): 478K
Housing Starts
Total starts: 1.321M SAAR, +4.6% MoM, -0.5% YoY
Single-family starts: 883K, -4.6% MoM
Multi-family (5+ units): 414K
Housing Completions
Total completions: 1.314M SAAR, -14.7% MoM, -24.1% YoY
Single-family completions: 908K, -12.5% MoM
Multi-family (5+ units): 383K
Of note is the Housing completions at -24.1% from a year ago….That is a big number and is more of a worry vs employment data which is still solid.
Looking at the charts, although higher, the housing starts are still near lows.
Looking at Building permits, the data is also still near lows too.
This article was written by Greg Michalowski at www.forexlive.com.