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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
US DATA
Total privately-owned housing units under construction rose to a fresh all-time high (in the series going back to 1974) of 1.712mln (annualized) in December, as multi-unit construction reached a new all-time high of 943k.
- Single-family construction ticked higher by 2k to 769k, but remained below the Apr-May 2022 peak of 828k. Total units under construction picked up in 3 of the 4 U.S. survey regions (pulling back by 2k in the Midwest to 220k).
- As we noted last year, the large overhang of housing supply set to come on line is one of the factors behind expectations for growing disinflationary pressures as 2023 proceeds.
- As supply comes onto the market, that could provide relief to rent prices.
- And with permits pulling back, eventually this construction boom will end. A deteriorating housing market as a whole could pose broader disinflationary effects via the wealth effect and on construction activity and job growth contracting.
Source: Census Bureau, MNI
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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