2017 Economic Calendar
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Housing Starts  
Released On 1/19/2017 8:30:00 AM For Dec, 2016
PriorPrior RevisedConsensusConsensus RangeActual
Starts - Level - SAAR1.090 M1.102 M1.200 M1.100 M to 1.275 M1.226 M
Permits - Level - SAAR1.201 M1.212 M1.230 M1.205 M to 1.255 M1.210 M

Housing starts extended their wild ride of volatility in December, up 11.3 percent in the month to a 1.226 million annualized rate which beats the Econoday consensus for 1.200 million. But the rise is confined to multi-unit starts which jumped 57 percent to a 431,000 rate, a contrast to the 4.0 percent decline to 795,000 for single-family starts.

Permits, which are subject to less volatility than starts, slipped 0.2 percent in December to a 1.210 million rate which is sizably below expectations for 1.230 million. Here, however, the details favor single-family homes where permits rose 4.7 percent to 817,000 vs a sharp 9.0 percent decline on the multi-unit side to 393,000.

Single-family homes, which pack the most cost and price punch, are the focus of the housing market and today's results are mixed, with permits a positive but starts a tangible negative. In sum, lack of available supply remains an obstacle to sales acceleration for housing.

Consensus Outlook
Housing starts are in a swirl of month-to-month volatility, falling 19 percent, surging 27 percent, and falling 10 percent in the last three months. A bounce back for December is expected, to a 1.200 million annualized rate and a 10.1 percent gain from November. Housing permits have been less volatile and are expected to rise 2.4 percent to a 1.230 million rate. Year-on-year, starts and permits have been weak, in the negative mid-single digits.

A housing start is registered at the start of construction of a new building intended primarily as a residential building. The start of construction is defined as the beginning of excavation of the foundation for the building.  Why Investors Care
Monthly figures are often volatile housing starts fluctuate more than many indicators. It takes several months for total housing starts to establish a trend. Consequently, we have depicted total starts relative to a five month moving average.
Data Source: Haver Analytics

2017 Release Schedule
Released On: 1/192/163/164/185/166/167/198/169/1910/1811/1712/19
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