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Housing Starts: Accelerated Into Year-End
January 21, 2021
Bottom Line: Housing starts rose for the fifth straight month in December. Single-family starts hit their highest levels in 14+ years as multi-family slipped. Single-family home starts are firmly in an uptrend as the shift away from more dense urban housing towards single-family since the pandemic has continued to create more demand than the available supply. Builders are pushing hard to meet demand with sing-family permits higher again too. For now, the trend in multi-family starts remains mixed. Permits in that segment were lower. Overall, the housing trend is strong and should provide a source of strength in the economic recovery.Housing Starts ROSE by 5.8% in December to 1669k, compared with market expectations for an increase to 1560k. Meanwhile, the prior month was revised modestly higher from 1,547k to 1,578k. Housing starts are now 5.2% ABOVE their year-ago level. However, they are still a sharp 26.6% BELOW their January 2006 peak.
Single-Family Housing Starts ROSE by 12.0% to 1338k. Single-family housing starts are 27.8% ABOVE their year-ago level but still 26.6% BELOW their January 2006 peak.Multifamily Housing Starts FELL by 13.6% to 331k. Multifamily starts are now 38.7% BELOW their year-ago level.
Single-Family Housing Starts ROSE by 12.0% to 1338k. Single-family housing starts are 27.8% ABOVE their year-ago level but still 26.6% BELOW their January 2006 peak.Multifamily Housing Starts FELL by 13.6% to 331k. Multifamily starts are now 38.7% BELOW their year-ago level.
Article by
Contingent Macro Advisors