US January housing starts 1567K vs 1428K expected

Author: Adam Button | Category: News

January 2020 US housing starts data

US housing starts
  • Prior was 1608K
  • Building permits 1551K vs 1450K expected
  • Prior permits 1420K
Starts were down 3.6% m/m but a much deeper fall of around 11% was expected so this is a big beat and shows that low rates and low unemployment have home builders in the US feeling very good. A pessimist might point to better weather, particularly in the northeast where starts rose 31.9%. I'm sympathetic to that argument but the market is undoubtedly improving with permits (which aren't weather sensitive) up across the board:

  • Northeast +34.6%
  • Midwest +8.2%
  • South +8.0%
  • West +3.1%
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