Macro Brief: Housing Starts
Released on 6/16/2020 @ 8:30 AM ET
|Housing Starts - SAAR||0.891 Million||0.934 Million||1.100 Million||0.974 Million|
|Housing Permits - SAAR||1.074 Million||1.066 Million||1.250 Million||1.220 Million|
Housing Starts advanced to an annual rate of 974K following the signifcant declines during March and April. This represents a 14.4% rise month over month but is still 8.8% below May 2019 starts. Of this figure, single family home starts rose 11.9% month over month to a rate of 745K. Permits also rose to 1.220 Million but still came in slightly below consensus estimates. Regardless, a pickup in housing activity and homebuilder sentiment released earlier this week is positive for the economic outlook.
Prior to the coronavirus outbreak and ensuing economic shutdown, the housing sector had benefitted from lower rates, high construction rates, and a strong labor market. Click here to launch the homebuilder ETFs screen in the ETF Action terminal.