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ECON: Housing Starts Slightly Higher Than Expected
Posted to: Micro News
Tuesday, March 19, 2013 8:38 AM
- Feb Starts 917k vs 915k Consensus
- Jan Starts revised to 910k from 890k
- Permits 946k vs 925k Consensus
- Both metrics highest since June 2008
- Market Reaction: Housing Starts traditionally have a high margin of error. This print is no exception with a ±13.7% on Starts. Even then, we wouldn't expect a major reaction to this data given the other events in play r soon to be in play (Cyprus, FOMC...)
The U.S. Census Bureau and the Department of Housing and Urban Development jointly announced the following new residential
construction statistics for February 2013:
Privately-owned housing units authorized by building permits in February were at a seasonally adjusted annual rate of 946,000. This is
4.6 percent (±0.8%) above the revised January rate of 904,000 and is 33.8 percent (±1.4%) above the February 2012 estimate of
Single-family authorizations in February were at a rate of 600,000; this is 2.7 percent (±0.7%) above the revised January figure of
584,000. Authorizations of units in buildings with five units or more were at a rate of 316,000 in February.
Privately-owned housing starts in February were at a seasonally adjusted annual rate of 917,000. This is 0.8 percent (±10.6%)* above
the revised January estimate of 910,000 and is 27.7 percent (±13.7%) above the February 2012 rate of 718,000.
Single-family housing starts in February were at a rate of 618,000; this is 0.5 percent (±12.1%)* above the revised January figure of
615,000. The February rate for units in buildings with five units or more was 285,000.
Privately-owned housing completions in February were at a seasonally adjusted annual rate of 711,000. This is 0.6 percent (±10.0%)*
below the revised January estimate of 715,000, but is 24.3 percent (±12.2%) above the February 2012 rate of 572,000.
Single-family housing completions in February were at a rate of 574,000; this is 3.6 percent (±11.7%)* above the revised January rate
of 554,000. The February rate for units in buildings with five units or more was 130,000.
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