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US DATA: Sept housing starts -5.3% to 1.201m SAAR, below the 1.220m rate
expected following mixed revisions to the previous two months.
There was a large 13.7% decline in the South, suggesting some impact
from Hurricane Florence. There should be negative effects from Hurricane
Michael next month, followed by a rebuilding boost in the coming months.
- Starts were also down in the Midwest (-14.0%), but up in the Northeast
(+29.0% after -9.7% in Aug) and the West (+6.6%). 1-family starts -0.9%
and multi-family starts -15.2%.
- Building permits -0.6% to 1.241m SAAR vs 1.260m expected, lowest
since May 2017, with 1-family permits +2.9%, but multi-family -7.6%.
Homes permitted but not started -0.6%.
- Q3 starts and permits were well below their Q2 averages.
- Homes under construction +0.3%, but completions -4.1% to the lowest
since Nov, so new home supply for sale is likely to slide in the