Following two ugly months of dramatically missed expectations, Housing Starts exploded to 'recovery' highs (highest since Nov 2007) jumping 20.2% MoM to 1.135million (against 1.015 exp.). This is the 2nd biggest MoM jump in history. Both single-family (3rd biggest MoM surge since the crisis peak) and multi-family starts surged. Permits also surged in April (jumping 10.1% MoM - the most since 2012) to 1.143 million (well above expectations) and the highest since June 2008. and Well these huge mal-investment spikes make perfect sense in light of the collapse in lumber prices (and thus demand).
Starts Soar:
[3]
Permits spike:
[4]
And the breakdown between single family (to own) and mult-family (to rent):
Starts:
[5]
And Permits:
[6]
Which all makes perfect sense:
[7]
