Housing Starts and Building Permits Up Strong

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Economic Update: Housing Starts and Building Permits

Housing Starts improved last month and were reported at an annualized rate of 872K in September. This was up +15.0% from last month’s reading, above the consensus for 769K, and the best reading since July 2008.

The August number was revised slightly higher to an annualized rate of 758K from 750K (July: 746K, June: 760K, May: 711K, April: 721K, March: 699K, February: 694K, January: 706K)

Building Permits surged to a rate of 894K. This is up +11.6% from last month’s unrevised 801K and was well above the consensus of 809K (July: 803, June: 755K May: 784K, April: 723K, March: 769K, February: 747K, January: 682K).

The jump in Permits was the highest since December 2010 and the level of Permits was the highers since July 2008.

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Other stories on the US Economy to review:

The State of the Jobs Market:

• Jobs Report Shows Unemployment Rate Dives to 7.8% in September
  
• Challenger: Planned Job Cuts Remain Near 21-month Low
  
• ADP Report Shows Job Market Improved Modestly in September

The State of the Housing Market:

• Housing Starts and Building Permits Surprise To The Upside
  
• NAHB: Homebuilder Confidence Up Again in October
  
• Pending Home Sales Point To a Potential Problem
  
• New Home Sales Steady in August
  
• Case-Shiller Home Price Index Improves for 3rd Straight Month
  
• Exsiting Home Sales Improve in August

The State of the Consumer:

• Retail Sales Impress in September
  
• University of Michigan Consumer Sentiment Improves in September
  
• Personal Income and Spending a Mixed Bag in August
  
• Consumer Confidence Surges Higher in September

The State of the Economic Growth:

• GDP Growth Rate Revised Down Significantly in Q2
  
• Durable Goods Orders Plunged in August
  
• Richmond Fed Index Surprises to the Upside
  
• Philly Fed Index Improves in Sept, But Weakness Persists
  
• LEI Dips in August

The State of the Manufacturing Sector:

• Industrial Production and Capacity Utilization Improve in September
  
• Empire Manaufacturing Weak Again in September
  
• Factory Orders Pull Back As Expected in August
  
• ISM Manufacturing Returns to Expansion Mode in September
  
• Chicago PMI Dives Below 50 in September

The State of the Services Sector:

• ISM Non-Manufacturing Index Improves in September, But...

The State of Inflation:

• CPI Shows Inflation Largely In Check
  
• PPI Headline Above Expectations; Core Rate Below

The State of Small Business:

• NFIB: Small Business Optimism Holds Steady

  SPDR S&P Homebuilders Last 12 Months

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