UPDATE: April housing starts rose to 717K from a revised 699K last month.The absolute number exceeded expectations, but because last month’s housing starts number was revised higher this constituted only a 2.6 per cent change from March.
Building permits slightly missed expectations, coming in at 715K (analysts predicted 730K), but once again we saw significant upward revisions of earlier data.
Today’s numbers suggest that the weather might not have had such a strong impact on housing construction, and that the housing recovery so far this year has been much smoother than analysts previously thought and data had been showing.
ORIGINAL: At 8:30 AM ET, we’ll get the latest read on housing starts.
Analysts polled by Bloomberg predict that builders began construction on 685K privately owned housing units in April, up from 654K starts in March.
That would be an increase of 4.7 per cent month-over-month, up from a decline of 5.8 per cent on a monthly basis from February to March.
Last month, housing starts badly missed expectations. Analysts pointed out that unseasonably warm weather early in the year was likely catching up with economic growth, as the warm climate pushed forward building projects that would normally have begun later in the year. We’ll see if that trend continues today.
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