December 7, 2022

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US April housing starts 1569K vs 1702K estimate

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US housing starts and building permits for April 2021

Housing starts for April
  • prior report 1739K revised to 1733K
  • Housing Starts  1569K vs 1702K estimate, or -9.5% vs estimate of -2.1%. 
  • Building permits 1760K vs 1770K estimate, or +0.3% vs 0.6% estimate
  • Single‐family housing completions in April were at a rate of 1,045,000; this is 0.1 percent (±8.4 percent)* above the
    revised March rate of 1,044,000
  • single-family starts 1087K vs 1255K in March 
  • multi family starts 482K versus 478k last month

The numbers are somewhat of a surprise given the need for new housing (demand is clearly outstripping supply). However supply chain backlogs and higher material costs for things like lumber are putting a damper on building (at least for now).

For the full report from the US Census Bureau, CLICK HERE

Meanwhile Home Depot crushed earnings today citing unprecedented demand

  • Earnings per share: $3.86, vs. $3.08 expected
  • Revenue: $37.5 billion, vs. $34.96 billion expected

Consumers were also spending more during their visits. Average ticket rose 10.3% to $82.37.

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