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Tuesday, July 16, 2019 6:50:27 PM EDT



Housing Starts
Briefing.com Updated 18-Jun-19 09:27AM ET

Housing starts dipped 0.9% m/m in May to a seasonally adjusted annual rate of 1.269 million (Briefing.com consensus 1.240 million) from an upwardly revised 1.281 million (from 1.235 million) in April.

Permits increased 0.3% m/m in May to a seasonally adjusted annual rate of 1.294 million (Briefing.com consensus 1.295 million) from an upwardly revised 1.290 million (from 1.269 million) in April.

Single-family starts fell 6.4% m/m to 820,000 and were down 12.5% yr/yr with declines seen across all regions. Multi-unit starts increased 10.9% m/m in May.

In May, single-family starts were down 25.8% in the Northeast, down 5.8% in the Midwest, up 3.3% in the South, and down 19.9% in the West.

Building permits for single-family units were up 3.7% m/m to 815,000 but were down 3.3% yr/yr, pressured by declines across all regions with the exception of the South (+1.1%). Multi-unit permits fell 5.0% m/m in May.

In May, single-family permits were down 2.0% in the Northeast, down 0.9% in the Midwest, up 7.7% in the South, and down 1.0% in the West.

The key takeaway from the report was that the number of units under construction at the end of the period held at a seasonally adjusted annual rate of 1.131 million for the third straight month. That left the second quarter average 1.5% below the first quarter average, which will be a negative input for Q2 GDP forecasts.
 
MAYAPRMARFEBJAN
Starts1269K1281K1199K1149K1291K
1 Unit820K876K833K792K966K
Multi Units449K405K366K357K325K
Permits1294K1290K1288K1291K1317K