2017 Economic Calendar
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Housing Starts  
Released On 7/19/2017 8:30:00 AM For Jun, 2017
PriorPrior RevisedConsensusConsensus RangeActual
Starts - Level - SAAR1.092 M1.122 M1.170 M1.120 M to 1.200 M1.215 M
Permits - Level - SAAR1.168 M1.206 M1.170 M to 1.225 M1.254 M

Housing data have been up and down and are now back up as both housing starts and permits easily beat Econoday's top estimates. Starts jumped 8.3 percent in June to a 1.215 million annualized rate with permits up 7.4 percent to a 1.254 million rate.

As weak as the details were in the prior report is how strong they are in the latest. Looking at permits first, the single-family category rose 4.1 percent to an 811,000 rate with multi-family permits up 13.9 percent to 443,000. Permits are strongest in the Midwest followed by the West and South. Permits in the Northeast are the weakest.

Starts for single-family homes rose 6.3 percent in June's report to 849,000 with multi-family up 13.3 percent to 366,000. Here the regional breakdown shows the Northeast out in front followed by the Midwest. Starts in the West are up slightly and are down noticeably in the South.

Completions offer further good news, up 5.2 percent overall to a 1.203 million rate led here by multi-family units. Homes under construction are unchanged at 1.070 million.

Despite June's gains and in a negative for GDP, second-quarter rates are below those of the first quarter averaging 1.164 million for starts vs 1.238 million. Permits are also down, at 1.217 million vs 1.260 million.

Quarterly comparisons aside, this is a solid report that puts the housing sector back at the front of the economy. Watch next week for existing home sales and new home sales, both of which recovered in May after stumbling in April.

Consensus Outlook
Housing starts and permits proved unexpectedly weak in both April and May and forecasters are calling for sizable rebounds in June, to a 1.170 million annualized rate for starts vs May's 1.092 million with permits seen at 1.206 million vs 1.168 million. Condos have been especially weak but less so for single-family homes which should be a plus for construction spending. This report will offer key updates on housing's contribution to second-quarter GDP.

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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