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

Highlights
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.

Recent History Of This Indicator
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.

Definition
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
 
[Chart]
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
Release For: DecJanFebMarAprMayJunJulAugSepOctNov
 


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