- US: Advance Trade & Inventories (Feb)
- Sweden: Retail Trade, PPI, International Trade (Feb); Iceland: CPI (Mar)
- Turkey: International Reserves (Feb); Mauritius: Wage Rate Index, LFS (Q4); Saudi Arabia: Non-Oil Foreign Trade (Jan); Palestine: BOP (Q4); UAE: Fuel Prices (Apr); Israel: Construction Starts & Completions (Q4); South Africa: Construction Survey (Q1); Tanzania: Trade (Q4)
- Brazil: PPI (Feb)
- more updates...
Economy in Brief
Texas Factory Sector Activity Remains Strong
The Dallas Fed indicated in its Texas Manufacturing Outlook Survey that the General Business Activity Index eased during March...
EMU Money and Credit Growth Are Less Than Impressive Than Euro-PMIs
EMU nominal money supply growth is slightly higher over three months, but credit growth in the EMU is slower...
Durable Goods Orders Strengthened by Another Jump in Aircraft
New orders for durable goods rose 1.7% (5.0% y/y) during February...
Correction to Unemployment Insurance Weekly Claims
The Department of Labor has issued a correction to yesterday's annual revision to seasonally adjusted weekly unemployment claims...
EMU PMIs Are Off to the Races...Farewell Mediocrity?
The PMI rankings for the manufacturing and service sector PMIs in the EMU are suddenly off the chart...
U.S. New Home Sales Improve While Prices Decline
Sales of new single-family homes increased 6.1% (12.8% y/y) during February to 592,000 units (AR)...
by Tom Moeller April 19, 2016
Housing starts fell 8.8% (+14.2% y/y) during March to 1.089 million units (AR) from 1.194 million in February, revised from 1.178 million. It was the lowest level of starts since October. Expectations were for 1.89 million starts in the Action Economics Forecast Survey.
Starts of single-family homes declined 9.2% to 764,000, but remained 22.6% higher than one year earlier. This was the lowest point also since October. Multi-family starts, which include apartments & condominiums, were much weaker, and fell 7.9% (-1.8% y/y) to the lowest level since February of last year.
By region, starts in the Midwest declined 25.4% (+5.6% y/y) followed by a 15.7% decline (+30.8% y/y) in the West. In the South, starts were off 8.4% (+8.6% y/y), but in the Northeast starts rose by nearly two-thirds (21.0% y/y).
Permits to build a new home declined 7.7% (+4.6% y/y) to the lowest level in twelve months. Permits to build single-family homes eased 1.2% (+13.2% y/y), but multi-family permits dropped 18.6% (-9.3% y/y).
The housing starts and permits figures can be found in Haver's USECON database. The expectations figure is contained in the AS1REPNA database.
The Elusive Boost from Cheap Oil from the Federal Reserve Bank of San Francisco can be found here.
|Housing Starts (000s, SAAR)||Mar||Feb||Jan||Mar Y/Y %||2015||2014||2013|
|Starts By Region|