Recent Updates

  • Japan: Index of Business Conditions (Jul)
  • UK: Financial Soundness Indicators (Q2)
  • Luxembourg: Employment & Unemployment (Aug)
  • Kazakhstan: Banking System Survey, Bank Loans and Deposits, Monetary Aggregates, Deposits of Individuals, State & Republican Budget (Aug); Czech Republic: Business Cycle Survey (Sep); Lithuania: Import & Export Price Indexes (Jul); Slovenia: Construction Survey, Consumer Confidence Indicators (Sep); Montenegro: Foreign Trade (Aug); Armenia: Depository Corps
  • more updates...

Economy in Brief

U.S. Housing Starts Ease
by Tom Moeller  June 17, 2016

Housing starts fell 0.3% during May to 1.164 million units (SAAR) following a 4.9% April rise to 1.167 million units, revised from 1.172 million. Expectations were for 1.150 million starts in the Action Economics Forecast Survey.

Starts of single-family homes improved 0.3% (10.1% y/y) to 764,000 following a 1.5% increase. Multi-family starts, which include apartments & condominiums, declined 1.2% (+8.4% y/y) to 400,000 after an 11.9% rise.

By region, starts were mixed last month. In the Northeast, starts fell by one-third m/m to 82,000, down roughly two-thirds versus the peak last June. Starts in the Midwest fell 2.5% to 199,000, but were one-third higher y/y. Moving up in May, starts in the West gained 14.4% (1.1% y/y) to 270,000. In the South, starts rose 1.5% (20.7% y/y) to 613,000.

Permits to build a new home improved 0.7% last month (-10.1% y/y) following a 4.9% rise. Permits to build single-family homes fell 2.0% (+4.8% y/y), but multi-family permits increased 5.9% (-28.1% 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 St. Louis Fed's New Characterization of the Outlook for the U.S. Economy from the Federal Reserve Bank of St. Louis is available here.

Housing Starts (000s, SAAR) May Apr Mar May Y/Y % 2015 2014 2013
Total 1,164 1,167 1,113 9.5 1,107 1,001 928
 Single-Family 764 762 751 10.1 713 648 618
 Multi-Family 400 405 362 8.4 395 356 307
Starts By Region
 Northeast 82 123  82 -42.7 136 110 97
 Midwest 199 204 159 37.2 151 163 150
 South 613 604 540 20.7 555 496 464
 West 270 236 260 1.1 265 235 215
Building Permits 1,138 1,130 1,077 -10.1 1,164 1,052 991
close
large image