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

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).

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

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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