August US housing starts data
- Prior was 1496K
- Starts -5.1% m/m
- Building permits 1470K vs 1512K exp
- Prior permits 1483K
- Building permits -0.9% m/m
This is a rare recent miss on US housing data, which has been red-hot for months. Yesterday's home builder sentiment survey blew away expectations and hit a record, so expect this is just a blip on the radar. With the Fed promising to keep rates at zero for years, the boom is still just getting underway.
I'm not sure we're going to get back above 2 million in this cycle but low interest rates and a shift to suburban living are a powerful combination.
