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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
Though the leading indicators (particularly permits) suggest a turnaround in single family housing activity, this will take some time to feed through to construction data, which continues to show strength in multi-family units.
- Single family units under construction in April (698k annualized, vs 708k prior) were the lowest since Jul 2021, while multi-family construction hit an all-time high (977k, vs 960k prior).
- The total units under construction (1,675k) remained slightly below the all-time high set in October 2022 at 1,710k, but extremely elevated on a historical basis.
- Multi-family activity is set to slow on the back of higher interest rates and as rental price growth pulls back from multi-decade highs. Indeed, multi-unit completions are part of the softening rent/shelter CPI narrative for the coming quarters.
- Conversely, improving sentiment, sustained (so far) high house prices in the face of higher mortgage rates, and the recent bounce in permits/starts point to stabilization and a potential pickup in single-family activity in the quarters ahead.
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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