Last Update: 08-Mar-19 09:47 ET
- Housing starts increased 18.6% month-over-month in January to a seasonally adjusted annual rate of 1.230 million units (Briefing.com consensus 1.180 million) and permits rose 1.4% month-over-month to 1.345 million (Briefing.com consensus 1.280 million).
- Single-family starts increased 4.5% month-over-month to 926,000.
- Single-family permits, which have leading indicator status, were down 2.1% month-over-month to 812,000, with declines in all regions except the Midwest (+1.8%).
- Single-family starts in January by region were as follows: Northeast (+66%); Midwest (+18.5%); South (+15.5%); and the West (+44.9%).
- Single-family permits in January by region were as follows: Northeast (-1.8%); Midwest (+1.8%); South (-1.3%); and the West (-5.8%).
- The key takeaway from the report, however, is that starts were down 7.8% year-over-year and permits were down 1.5% year-over-year. Accordingly, the strong January figures belie an otherwise torpid new residential construction market.