2018 Economic Calendar
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Housing Starts  
Released On 1/18/2018 8:30:00 AM For Dec, 2017
PriorPrior RevisedConsensusConsensus RangeActual
Starts - Level - SAAR1.297 M1.299 M1.280 M1.230 M to 1.320 M1.192 M
Permits - Level - SAAR1.298 M1.303 M1.300 M1.265 M to 1.330 M1.302 M

A surprising but perhaps one-time drop in single-family starts masks what is otherwise a very solid housing starts and permits report for December. First the negatives as starts fell 8.2 percent to a 1.192 million annualized rate and reflect an 11.8 percent plunge in single-family starts to an 836,000 rate that far offsets a 1.4 percent gain in multi-family starts to 356,000. Starts can be affected by weather which along with related adjustments are always factors for this reading in the winter months.

But the backlog behind future starts continues to build as permits came in very strong, virtually steady at a 1.302 million rate and showing a noticeable 1.8 percent gain for single-family permits to 881,000. Lack of homes has been holding down new home sales though new supply did move into December's market, as completions for single-family homes jumped 4.3 percent to an 818,000 rate.

The decline in December starts won't be helping fourth-quarter GDP but the strength in permits and completions point to a first-quarter boost and is further confirmation that acceleration is gathering in the housing market.

Consensus Outlook
A little give back is the call for December's housing starts and permits data which posted significant gains in November and October. Single-family homes, the dominant component in this report, have been the center of recent strength and have more than offset extending weakness for multi-family units. The consensus for December housing starts is a 1.280 million annualized rate vs 1.297 million in November with housing permits seen at a 1.300 million rate vs November's revised 1.303 million (1.298 million initially reported).

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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