- Prior was 1.356m
- Starts -1.8% vs -3.1% prior
- Building permits 1.505m vs 1.430m expected
- Permits % vs -2.9% prior
Home builders have been some of the worst-performers since the election on inflation and high-rate fears. With a number like this, I don't imagine today will be any better, though the single-family numbers here are more-promising than the headline suggests.
On the starts side:
- Single-family starts rose 6.4% to 1.011M
- Multi-family starts plunged 24.1% to 264,000
On the permits side:
- Single-family permits edged up 0.1% to 972,000
- Multi-family permits (5+ units) surged 22.1% to 481,000
