Renter Nation? US Multi-Family Housing Starts & Permits Surge In August
After an unexpectedly large plunge in July, Housing Starts were expected to rebound (very modestly) in August while July’s small jump in Building Permits was expected to be erased by a drop in August. In reality, both Starts & Permits beat expectations handily.
Housing starts rose 3.9% MoM in August (vs +1.0% exp) and July’s 7.0% drop was revised higher to 6.2% drop.
Building Permits soared 6.0% MoM in August (vs -1.8% exp) but July’s 2.6% rise was revised lower to a 2.3% rise – the August jump is biggest since January.
Notably, single-family starts fell 2.8% to 1076k while multifamily starts soared 21.6% to 539k in August.
Stunningly, multi-family housing starts are up over 60% YoY…
The picture was the same in Permits where rental (multifamily) permits exploded 19.7% to 632K, an all time high; while single-unit permits were flat at 1.054MM
Total permits and starts SAARs are still well below post-COVID peaks however…
Is this ‘good’ news for The Fed meeting today and tomorrow? And therefore ‘bad’ news for markets?
Tue, 09/21/2021 – 08:40