- Prior was 1.360m
- Building permits 1.386m vs 1.450m expected
- Starts down 5.5% m/m
- Multi-family starts down 52% y/y
This is the worst reading on starts since the pandemic but it's not a shock. Yesterday's NAHB home builder sentiment number was weak and lumber prices have been tanking. High interest rates have clearly taken a bite out of demand.
