2017 Economic Calendar
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Housing Starts  
Released On 5/16/2017 8:30:00 AM For Apr, 2017
PriorPrior RevisedConsensusConsensus RangeActual
Starts - Level - SAAR1.215 M1.203 M1.256 M1.215 M to 1.290 M1.172 M
Permits - Level - SAAR1.260 M1.271 M1.255 M to 1.290 M1.229 M

A topping out from lower-than-indicated expansion highs is the news from the April housing starts report where levels, though still healthy, are disappointing. Starts fell 2.6 percent to a 1.172 million annualized rate that is well below Econoday's low estimate for 1.215 million. Downward revisions are a factor in the report, totaling 27,000 in the prior two months.

The strength in the report is in the key single-family component with starts up 0.4 percent to a rate of 835,000. Otherwise, however, the report is filled with minus signs. Permits for single-family homes fell 4.5 percent to a 789,000 rate with completions also down 4.5 percent, to 784,000.

The sharpest weakness comes from multi-family homes where starts fell 9.2 percent to a 337,000 rate. Permits did rise 1.4 percent to 440,000 but completions dropped 17.2 percent to a 322,000 rate.

April was supposed to be a rebound month for the economy. It was for the jobs report but bounces in last week's retail sales and consumer price reports were minimal with today's report an outright negative for the second quarter. Still most housing data, especially sales, have been showing significant strength going into the spring sales season.

Consensus Outlook
Permit strength for multi-family starts saved what was otherwise a weak housing starts report for March. Rebounds are expected for April with the starts consensus at an annualized rate of 1.256 million vs March's 1.215 million. Permits are seen rising to a 1.271 million rate vs 1.260 million. One positive back in March was a big gain in single-family completions which will help boost what is a low supply of new homes on the market.

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
Release For: DecJanFebMarAprMayJunJulAugSepOctNov

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