Following last month’s disappointments, Housing starts and permits were expected to rebound in April and did with positive upward revisions for March data also.
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Building Permits rose 0.6% MoM in April (beating the 0.1% rise expected) and up from the upwardly revised -0.2% (from -1.7% prior) drop in March.
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Housing Starts spiked 5.7% MoM in April (less than the expected 6.2% jump but March data was notably revised upward from a 0.3% drop to a 1.7% rise).
Starts rose for single- and multi-family units…
Driven by a massive (seasonal) surge in The Northeast:
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Northeast: +84.6%
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Midwest +42.0%
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South -5.6%
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West -5.5%
That’s the good news.
The bad news is that Housing Starts fell YoY for the 7th month in a row…
Building Permits for single-family units tumbled to its weakest since October 2016
So take your pick.
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