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PMIs Stabilize or Creep Higher After Drop-Off
In the EMU, both the services and manufacturing sectors took a substantial step down one month ago...
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Philadelphia Fed Factory Conditions Improve; Prices Jump
The Philadelphia Fed reported that its General Factory Sector Business Conditions Index rose to 23.2 during April...
by Tom Moeller March 16, 2017
Housing starts during February improved 3.0% to 1.288 million (AR) from 1.251 million in January, revised from 1.246 million. Expectations had been for 1.260 million starts in the Action Economics Forecast Survey. Starts of single-family units increased 6.3% to 872,000, the highest level since October 2007. Starts of multi-family homes declined 3.7% to 416,000, down for the third month in the last four.
By region, housing starts in the West jumped 35.7% (4.2% y/y) to 323,000, but have been range-bound since October. Elsewhere in the country starts declined. Starts in the South fell 3.8% (+7.7% y/y) to 659,000, but remained near the August 2007 high. Starts in the Midwest fell 4.6% (-11.4% y/y) to 187,000 following a 12.9% fall. In the Northeast, starts declined 9.8% (+48.8% y/y) to 119,000 and have trended sideways for twelve months.
Building permits declined 6.2% (+4.4% y/y) to 1.213 million from 1.293 million. Permits to build single-family homes increased 3.1% (13.5% y/y) to 832,000, nearly a ten-year high. Permits to build multi-family units fell 21.6% (-11.2% y/y) to 381,000.
The housing starts and permits figures can be found in Haver's USECON database. The expectations figure is contained in the AS1REPNA database.
Housing Starts (000s, SAAR) | Feb | Jan | Dec | Feb Y/Y % | 2016 | 2015 | 2014 |
---|---|---|---|---|---|---|---|
Total | 1,288 | 1,251 | 1,275 | 3.6 | 1,176 | 1,108 | 1,001 |
Single-Family | 872 | 819 | 809 | 0.9 | 784 | 713 | 648 |
Multi-Family | 416 | 432 | 466 | 9.6 | 392 | 395 | 356 |
Starts By Region | |||||||
Northeast | 119 | 132 | 90 | 48.8 | 116 | 136 | 109 |
Midwest | 187 | 196 | 225 | -11.4 | 182 | 151 | 159 |
South | 659 | 685 | 568 | 7.7 | 584 | 556 | 497 |
West | 323 | 238 | 392 | 4.2 | 291 | 265 | 236 |
Building Permits | 1,213 | 1,293 | 1,228 | 4.4 | 1,171 | 1,178 | 1,053 |