January 19, 2023 13:45 GMT
Housing Activity Ends 2022 On Weak Note (1/2)
December housing starts were about as weak as expected (a 24k "beat" but taking into account the -26k revision to Nov), and building permits failed to rebound in Dec as anticipated (came in at 1.33mln ann., vs 1.365mln expected and 1.342mln prior).
- These are very volatile series month to month, but a few longer-term takeaways suggesting weakness in the housing sector continues.
- Starts were boosted by the biggest M/M jump in single family starts since Nov 2021, reaching a 4-month high of 909k. But multi-unit starts fell to the lowest since Sept 2021 (465k).
- And overall starts (1.382mln) were the 2nd lowest since Aug 2020 (Jul-22 printed 1.377mln).
Source: Census Bureau, MNI