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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
Housing Starts came in weaker than expected at 1.309mln in January (1.356mln expected, 1.371mln prior revised). The forward-looking Building Permits missed slightly (1.339mln vs 1.350mln expected, though a tick higher from 1.330mln prior).
- The outlook gleaned from the report is mixed, though overall it looks like housing activity is cresting.
- Starts set a fresh post-Jun 2020 low; however permits have stabilized for the past 3 months at around the same level; this corresponds with a bounce in NAHB homebuilder sentiment as pointed out yesterday.
- Notably, multi-unit starts continued to fall sharply (lowest since Jul 2021 at 468k), even as multi-units under construction rose to a new record (948k).
- Multi-unit housing activity meant overall units under construction remained near record highs at 1.700mln in Jan - single family under construction slipped again to 752k, the lowest since October 2021.
- While permits are more stable, they are 30% off the peak. We continue to point out that the impact of this on the broader economy tends to be lagged, with an 18-month lead indicator suggesting a broader downturn picking up steam in the second half of 2023.
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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