Housing Starts - meets expecations Released On 6/18/2013 8:30:00 AM For May, 2013 Prior Prior Revised Consensus Consensus Range Actual Starts - Level - SAAR 0.853 M 0.856 M 0.955 M 0.900 M to 1.000 M 0.914 M Permits - Level - SAAR 1.017 M 1.005 M 0.973 M 0.945 M to 1.009 M 0.974 M Highlights Housing appears to still be on a moderate uptrend-but the numbers have been volatile and monthly averaging seems like a good idea. Housing starts in May rebounded a monthly 6.8 percent after plunging 14.8 percent in April. The May starts annualized level of 0.914 million units came in somewhat below analysts' forecast for 0.955 million units and was up 28.6 percent on a year-ago basis.
The gain in starts was led by a monthly 21.6 percent jump in the multifamily component after a 32.2 percent fall in April. The single-family component rose 0.3 percent, following a 4.2 percent decrease in April.
Permits dipped after a very strong April. Permits eased 3.1 percent in May after jumping 12.9 percent the month before. May's annualized pace of 0.974 million units was up 20.8 percent on a year-ago basis. Expectations were for 0.973 million units for May permits.
Overall, both single-family and multifamily components are adding-on average-to moderate growth in the housing sector. This is one sector of the economy where the Fed's quantitative easing is showing a clear and positive impact and likely will be mentioned in tomorrow's FOMC statement.
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