Recent Updates

  • Japan: **Japan Tokyo employment index rebased to 2015=100**
  • Saudi Arabia: Non-Oil Foreign Trade (Feb); Kuwait: CPI (Mar); Tanzania: BOP, Trade, Depository Corporations Survey, Public Finance (Feb)
  • Portugal: OMFIs Balance Sheet (Feb)
  • Luxembourg: Employment and Unemployment (Mar)
  • Kazakhstan: GDP by Income, Labor Productivity Index (Q4), Loans and Deposits, Monetary Aggregates, Banking System Surveys, Public Finance (Mar)
  • more updates...

Economy in Brief

U.S. Housing Starts Rebound to Three-Month High
by Tom Moeller  July 19, 2016

Housing starts increased 4.8% during June to 1.189 million units (SAAR) from 1.135 million in May, revised from 1.164 million. It was the highest level since February, but still 2.0% lower than one year earlier. Expectations were for 1.168 million starts in the Action Economics Forecast Survey.

Starts of single-family homes improved 4.4% (13.4% y/y) to 778,000 following a 2.5% fall. Multi-family starts, which include apartments & condominiums, increased 5.4% (-22.0% y/y) to 411,000 after a 0.3% dip.

By region, starts were mixed last month. In the Northeast, starts rebounded by nearly one-half, following two months of sharp decline. Starts in the West increased 17.4% (8.9% y/y) to 317,000, the highest level of the economic recovery. In the Midwest, starts declined 5.2% (+26.0% y/y), but the three-month average reached a new high. Starts in the South declined 3.4%, but were up by that amount y/y. Starts have been moving sideways since the middle of last year.

Permits to build a new home improved 1.5% last month (-13.6% y/y), to 1.153 million following a 0.5% rise. Permits to build single-family homes increased 1.0% (5.1% y/y) while multi-family permits increased 2.5% (-34.3% 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.

Part Chart, Part Science: The Evolution of Economic Indicators from the Federal Reserve Bank of Atlanta is available here.

Housing Starts (000s, SAAR) Jun May Apr Jun Y/Y % 2015 2014 2013
Total 1,189 1,135 1,155 -2.0 1,107 1,001 928
 Single-Family 778 745 764 13.4 713 648 618
 Multi-Family 411 390 391 -22.0 395 356 307
Starts By Region
 Northeast 117 80 119 -47.8 136 110 97
 Midwest 184 194 203 26.0 151 163 150
 South 571 591 596 3.4 555 496 464
 West 317 270 237 8.9 265 235 215
Building Permits 1,153 1,136 1,130 -13.6 1,164 1,052 991
close
large image