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Housing Starts & Permits Surged In August As Rate-Cut Euphoria Re-Emerged
After an unexpectedly large decline in July, August’s data for Housing Starts and Building Permits rebounded dramatically, well above expectations. Starts rose 9.6% MoM (vs +6.5% exp and -6.8% prior) while Permits jumped 4.9% MoM (vs +1.0% exp and -3.3% prior). Both prints are the highest since February…
Source: Bloomberg
The SAAR for starts and permits obviously rose but remains near COVID lockdown lows still…
Source: Bloomberg
Single-Family Starts and Multi-Family Permits dominated the increases…
Source: Bloomberg
This should not be a total surprise as forward-looking permits have tracked (with a lag) rate-cut expectations…
Source: Bloomberg
What happens if The Fed disappoints?
Tyler Durden
Wed, 09/18/2024 – 08:40
