US DATA: Building Permits Miss But Maintain Trend Of Relative Resilience
Aug-16 12:46By: Chris Harrison
- Housing starts were close to expectations in July at 1452k (cons 1450k) with revisions further amplifying recent noise. Starts climbed 3.9% M/M in July (cons 1.1) after a downward revised -11.7% (initial -8.0%) in June and upward revised +17.4% (initial +15.7%) in May.
- Building permits as usual offer a relatively cleaner look at housing activity, and they disappointed slightly with 0.1% M/M (cons 1.5) after an unrevised -3.7% in June and +5.6% in May.
- Some of the recent noise in the latter has been driven by multi-unit projects, whilst single family permits saw their sixth consecutive monthly increase, albeit just 0.6% M/M in July after some strong gains.
- The report continues the recent discrepancy between single family and multi-unit permits, which in level terms is more a normalization back towards pre-pandemic levels.
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