2018 Economic Calendar
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Housing Starts  
Released On 4/17/2018 8:30:00 AM For Mar, 2018
PriorPrior RevisedConsensusConsensus RangeActual
Starts - Level - SAAR1.236 M1.295 M1.264 M1.245 M to 1.310 M1.319 M
Permits - Level - SAAR1.298 M1.321 M1.315 M1.300 M to 1.355 M1.354 M

Highlights
The residential construction business had a very strong March: housing starts easily topped Econoday's high estimate at a 1.319 million annualized rate while permits came in just shy of the top estimate at a very strong 1.354 million.

Multi-family units are the standout in the March report. Starts for this group rose 14.4 percent in the month to a 452,000 rate with permits 19.0 percent higher at 514,000. Single-family units are soft with starts down 3.7 percent to an 867,000 rate and with permits down 5.5 percent to an 840,000 rate in a result offset by a large upward revision to February.

One clear negative, perhaps tied to weather, is a slowing in completions which fell 5.1 percent to 1.217 million. This is not good news for a housing market starved of supply.

Housing had an uneven start to the year with March sales results still to be posted. Sales side, residential investment looks to be a positive contributor to first-quarter GDP as housing construction ended the quarter with visible momentum going into the second quarter.

Consensus Outlook
Housing starts are expected to post a solid gain in March following what was a disappointing February. But one positive in that report was strength in single-family starts where low supply has been holding down sales. The consensus for housing starts is a 1.264 million annualized rate vs February's 1.236 million with a small decline seen for permits, at 1.315 vs 1.321 million in February (revised from an initial 1.298 million).

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
 
 

2018 Release Schedule
Released On: 1/182/163/164/175/166/197/188/169/1910/1711/2012/18
Release For: DecJanFebMarAprMayJunJulAugSepOctNov
 


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