- US: GDP & Corporate Profits (Q4, 3rd release)
- Canada: Industrial Products & Raw Material Prices (Feb)
- Spain: Flash HICP and CPI, Construction Business Survey Press (Mar)
- Euro area: EC Business and Consumer Surveys (Mar)
- Belize: GDP (Q4)
- Chile: IP (Feb); Brazil: Retail Trade - Rebased 2014=100 (Jan)
- Croatia: Employment, Retail Trade Press (Feb), Earnings (Jan); Bulgaria: PPI (Feb); Montenegro: Wages (Feb); Latvia: Retail Trade (Jan); Lithuania: External Debt Service (Q4);
- more updates...
Economy in Brief
U.S. Initial Claims for Unemployment Insurance Ease
Initial jobless insurance applications fell to 258,000 (-3.1% y/y) during the week ended March 25...
U.S. Pending Home Sales Jump
The NAR reported that pending home sales increased 5.5% in February to an index level of 112.3...
U.S. Mortgage Loan Applications Remain Little Changed; Variable Rate Apps Surge
The MBA total Mortgage Market Volume Index slipped 0.8% last week (-12.4% y/y)...
La Dolce Vita? Italian Confidence Bumps Higher
Italian business and consumer confidence moved higher in March...
U.S. Consumer Confidence Improves Significantly
The Conference Board Consumer Confidence Index for March strengthened 8.2% (30.7% y/y) to 125.6...
U.S. Energy Product Prices Remain Under Pressure
Regular gasoline prices held steady at $2.32 per gallon last week (12.1% y/y) for the third straight week...
by Tom Moeller January 20, 2016
During all of last year, housing starts increased 10.8% to 1.107 million units. The level was the highest since 2007 and double the 2009 low. During December, starts eased 2.5% to 1.149 million (AR) from 1.179 million, revised from 1.173 million. The latest figure disappointed expectations for 1.21 million starts in the Action Economic Forecast Survey.
Starts of single-family homes jumped 10.4% last year to 715,000 after a 4.9% gain in 2014. For December alone, starts declined 3.3% to 768,000, up 5.0% y/y. Starts in the West declined 6.2% (+12.5% y/y) last month and in the Midwest starts fell 4.6% (-20.8% y/y). Single-family starts were off 4.4% (+27.8% y/y) in the Northeast. Single-family starts in the Midwest declined 1.4% (+6.3% y/y).
Multi-family housing starts during all of last year improved 11.4% to 396,000 following stronger gains during the prior four years. In December alone, multi-family starts eased 1.0% to 381,000 (+6.7% y/y). The drop reflected a 26.2% decline (+10.3% y/y) in the Midwest and a 7.9% drop (+38.1% y/y) in the South. In the West, starts fell 10.8% (-45.8% y/y) but in the Northeast, multi-family starts rose by nearly two-thirds (56.8% y/y).
Building permits increased 11.5% last year. For December alone, however, they backpedaled 3.9% (+17.4% y/y). Permits to build single-family homes rose 1.8% last month (8.2% y/y) but for multi-family units they declined 3.9% (+17.4% y/y).
The housing starts figures can be found in Haver's USECON database. The expectations figure is contained in the AS1REPNA database.
|Housing Starts (000s, SAAR)||Dec||Nov||Oct||Dec Y/Y %||2015||2014||2013|
|Starts By Region|