Housing Starts, Permits Rebound In October After Storm-Soaked September

Tyler Durden's picture

Following September's storm-driven tumble, October has seen a big rebound in Housing Starts (+13.7% MoM) and Permits (+5.9% MoM) both beating expectations, as multi-family starts explode.

Housing starts printed above all analysts' guesses (4 standard deviations above expectations) for the biggest monthly jump in a year.

 

The surge in starts was driven by a major rebound in multifamily units...

That is a 37.4% increase month over month in October multifamily starts with only a 5.3% increase in single family starts. However, multifamily starts are still down 9.6% YoY (single-family starts are up just 0.7% YoY) and overall housing starts are down 2.9% YoY.

Single-family permits reached a new cycle high...

 

 

Finally some context for the recovery - these are the same level of starts/permits seen in 1993...

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
dirty belly's picture

 

Keystone pipeline leak spills 210,000 gallons of oil in South Dakota
Justin Case's picture

How did those protesters know this would happen? Maybe sabotaged it? Pipelines are safe and good for the economy, not so good when they leak, right BP? They can use the indigenous peoples land instead. That way there is never an urgency to clean it up.

wintraiz's picture

Jellystone pipeleak is a scam!  This housing thing is going to be just fine.  destruction is good for production any moreon knows that. 

 we need to focus our attention is on rigged stock markets. 

Shepwave is always knowing wheree marekts are going.  This cannot be just a guess.  I fear they are in on the corruption 

 

early last week they said this 

 

To not think that the markets will make several head-fakes prior to making the next short-to-mid term bearish trend change is a sign of a novice and probably emotionally based trader. 

For many years I have seen traders and investors just believe for certain that such-and-such was going to happen and they KNEW it was definite.  This is ridiculous. This is not the way to be consistently profitable at ANYTHING!

Read the notes in ALL of the charts carefully. All of the notes work together to help educate for fully--and to present a more complete picture of how things are working together currently.

ISLAND PATTERN; POSSIBLE ISLAND REVERSAL NOTE

 

Justin Case's picture

destruction is good for production. Woar increases production and higher employment. The dead make room for others to work.

Albertarocks's picture

Yay, they're building more houses.  We need lots and lots more houses.  It doesn't matter that there are no buyers and the markets are beginning to flood with cheap used houses.  Yay, they're building more houses.

Albertarocks's picture

Yeah, new houses in Texas would be a good thing right now.  But it's scary when so much of the economy 'depends' on new houses being built whether people can afford them or not, whether people are working or not.  China has enough empty cities with so much empty housing that they could house the entire population of Texas in them.  I wouldn't want to see the US get caught up in that kind of scenario even though it would be on a much smaller scale.

Obviously Texas is an exception in this case.  Besides, Texans and Albertans have known each other and worked together for so long now that we have built kind of a kindred spirit.  We certainly get along well and think along similar lines.  Although that's kind of beside the point, lol.

And on a really off topic point... it's interesting that Texas is used as a benchmark for identifying different regions in the world.  Albertans would be the Texans of Canada.  The people from Cork county in SW Ireland are often referred to as the Texans of Ireland.  And Koreans are referred to as the Irish of Asia, which would equate to the Texans of Asia.  None of whom will tolerate getting pushed around very much.