There goes another pillar of the sustainable growth meme. Housing Permits tumbled 5.2% MoM - the biggest drop since January (amid the Polar Vortex) to 1.035mm SAAR. Permits dropped in all regions except the Northeast. Housing Starts dropped 1.6% MoM to 1.028mm SAAR. The South was the only region with a rise in completions as the Northeast was cut in half and both single- and multi-family residences slid.
Both Starts and Permits miss, with forward-looking permits signaling notable weakness ahead.
Here are starts broken down by single and multi-family.