US housing starts
- Prior was 1493K (revised to 1488K)
- Starts -4.2% vs -8.1% m/m prior
- Building permits 1526K vs 1512K exp
- Prior permits 1564K
- Building permits -2.4% vs prior +1.4% m/m
- Single family starts -3.6%
- Multifamily starts -1.0%
Starts have rapidly cooled since early in the year but they're holding up ok and so are permits. There's plenty of uncertainty in the housing market but with supply chains improving and less tightness in labor, home-builder margins are still strong. It's just a matter of finding out if consumers will tolerate 7% rates.
