Housing Starts Surge
March 17, 2022
US Housing Starts Surged To 16 Year High In Feb
by Tyler DurdenThursday, Mar 17, 2022 – 08:35 AM
After January’s surprise drop in Housing Starts MoM, analysts expected February to see a rebound and vice verse, following Jan’s rise, February was expected to see Permits drop MoM, and that is what we saw with Starts surging 6.8% MoM (better than the +3.8% exp) and Permits dropped 1.9% MoM (better than the -2.4% expected).
Single-family permits were down -0.5% but multi-family permits tumbled 4.5% MoM…
The surge in Starts was driven by a 5.7% MoM spike in Single-family (from 1.150MM to 1.215MM). Multi-family starts rose 0.8% from 497K to 501K
This pushed Housing Starts to their highest SAAR since June 2006 as Permits pulls back from similar highs…
This surge in starts comes as homebuilder sentiment for sales six-months ahead tumbles and mortgage rates soar.