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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
Given the revisions to March, the new residential construction report for April showed weak starts albeit decent permit figures vs expectations. But the bifurcation between the multifamily and single family sectors was noteable.
- The headline figures showed 1401k annualized starts (vs 1400k expected), with March revised down to 1371k from 1420k; permits came in at 1416k (vs 1430k expected), with March raised to 1437k from 1413k.
- Those headline figures belie very weak multi-unit permits (at new post Jul 2021 low 561k vs 608k prior), vs strongest single family since Sep 2022 (855k vs 829k prior).
- Single family starts meanwhile keep edging higher (4-month high 846k vs 833k prior, with multi-family starts flat (559k, same as prior).
- Overall it is beginning to look increasingly clear that single family housing activity has bottomed and is turning higher, with multi-unit activity continuing to weaken - especially when looking at the permits data.
Source: Census Bureau, MNI
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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