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US DATA: Housing Construction Bounces But Trend Still Weak

US DATA
USGlobalEM BulletFixed Income BulletsData BulletBulletMarketsEmerging Market NewsForeign Exchange BulletsRegionNorth America
  • Building permits and housing starts were both stronger than expected in August, with solid recoveries after large declines in July, with starts volatility perhaps exaggerated by the July hurricanes.
  • Building permits increased to 1475k (cons 1410k) after a marginally upward revised 1406k (initial 1396k), leaving them at their highest since February.
  • Permits increased 4.9% M/M after -3.3% M/M, with multi-units driving volatility (+9.2% after -9.7%) vs single-family units increasing 2.8% after 0.2% for the fastest monthly increase since Jun 2023.
  • Noisier housing starts data meanwhile increased to 1356k (cons 1318k) after a marginally downward revised 1237k (initial 1238k).
  • It meant a 9.6% increase after -6.9% but there are conflicting details within this, with single-family starts jumping 16% after -13% vs multi-unit starts -4% after 10%.
  • Despite the latest increase in starts, they remain set for another weak quarter with a 3m/3m currently tracking at -7% annualized vs -18% in June and -19% in March. 
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  • Building permits and housing starts were both stronger than expected in August, with solid recoveries after large declines in July, with starts volatility perhaps exaggerated by the July hurricanes.
  • Building permits increased to 1475k (cons 1410k) after a marginally upward revised 1406k (initial 1396k), leaving them at their highest since February.
  • Permits increased 4.9% M/M after -3.3% M/M, with multi-units driving volatility (+9.2% after -9.7%) vs single-family units increasing 2.8% after 0.2% for the fastest monthly increase since Jun 2023.
  • Noisier housing starts data meanwhile increased to 1356k (cons 1318k) after a marginally downward revised 1237k (initial 1238k).
  • It meant a 9.6% increase after -6.9% but there are conflicting details within this, with single-family starts jumping 16% after -13% vs multi-unit starts -4% after 10%.
  • Despite the latest increase in starts, they remain set for another weak quarter with a 3m/3m currently tracking at -7% annualized vs -18% in June and -19% in March.