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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
The March housing data was pretty much in line with expectations, but showed an overall picture of construction peaking and permits pulling back, though starts showed a bit of stability after recent weakness.
- March's data saw a "beat" on starts (1.42mn annualized vs 1.40mn survey) offset by lower revisions (1.432mn Feb rev from 1.45mn). Those are still up from sub-1.4mn levels in Dec / Jan.
- Permits were softer than expected at 1.413mn (1.45mn expected), down 8.8% M/M but that's a very volatile series and Feb was revised up to 1.55mn from 1.524mn. Still, the pullback is notable.
- Multifamily housing dragged on the overall numbers. Single-family saw the most starts in 3 months and the most permits in 5. But Multi-unit starts dipped to a 2-month low with permits at a 4-month low.
- Overall housing under construction remains near record levels but at 1.674mn was the weakest in 11 months (April 2022). Multi-family remains the main driver there, hitting a new record of 958k vs a 19-month low 716k for single-family.
- The multifamily sector is due for some weakness ahead, particularly as tighter financial conditions work their way through the system, but there is little sign of that in the construction numbers yet.
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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