US building permits for September 1.564 million vs. 1.530 million estimate

• Prior month building permits 1.517M. Prior month housing starts revised to 1.566 million from 1.575 billion previously reported
• building permits 1.564 million vs. 1.530 million estimate. Up 1.4% but down -3.2% below the September 2021 rate of 1.615M
• housing starts 1.439 million vs. 1.475 million estimate. The decline was -8.1% from the August number and -7.7% below the September 2021 rate.
• Housing completions in September came in at a annualized rate of 1.427M. This is a 6.1% above the August number of 1.345M. The number is 15.7% above the September 2021 rate of 1.233M
• single-family completions came in at 1.049M up 3.2% vs. August 1 .016M.
• Multifamily completions came in at 376,000

Building permits are thought to be a precursor for housing starts. Whether they translate down the road is another question.

US housing starts are near their lowest levels going back to pre-pandemic and post pandemic (See chart above). Although, overall inventory levels of housing is low, higher mortgage rates and higher prices are slowing buyers demand and limiting housing start activity.

The Dow futures are implying a -184 point decline. The S&P is down around 30 points. The NASDAQ index is down around 89 point in premarket trading.

The stocks are being pressured by higher rates which has the 10 year yield up to 4.11% up 11 basis points on the day