Tag Archives: construction
In October, housing starts slipped to a 1.06 million unit pace, nearly 60% below household formation. This is causing acute shortages for those looking for a place to live, particularly to rent,
Construction spending rose 0.6% in September, a little more than expected. Gains in multifamily construction in particular continued to substantially outpace gains in the single-family market. We also saw solid gains at auto dealers, which is not surprising given the recent surge in sales,
New home sales for September came in well below expectations at 468,000 following a downward revision to the August data.
In September, 1.2 million homes were started, marking another increase after being revised up for the month prior. Much of the annualized increase was concentrated in the multifamily segment; single-family starts came in essentially flat.
The ISM index of manufacturing activity slowed to 50.2 in September, which suggests that overall manufacturing activity is still expanding but only slightly.
Real GDP was revised up to a 3.9% pace in the second quarter, 0.2% higher than previously reported. Average growth in the first half of 2015 is now tracking at 2.3%, well above the economy’s potential.
In August 552,000 new homes were sold, 30,000 more than were sold in July. Much of the increase was driven by a pop in sales in the South, with the West and Northeast posting modest increases as well.
In August, builders started on 1.126 million homes. That was a slowdown from last month’s downwardly revised data and can be chalked up to the Northeast’s multifamily sector; that continues to pull back after the expiration of tax incentives, which had pulled forward a lot of multifamily starts in the region. Total single-family starts, which [...]
Construction spending surged 0.7% in July and was revised up for the month of June; it is now at the highest level since mid-2008, which is good but still suppressed relative to the bubble. Gains in the private sector offset a drop in the public sector. The rise in single-family home construction outpaced gains
New home sales increased in July to an annualized level of 507,000; that is up a solid 26,000 from the previous month. The revision to June was essentially flat. Three of the four regions posted increases with the South leading the way, followed by the West and Northeast. The Midwest was the only region to [...]