Single-family housing permits hit a multi-year high – The Property Chronicle
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Single-family housing permits hit a multi-year high

The Fund Manager

Housing activity – starts and permits – posted mixed results in August as declines in the multi-family segment offset gains in the single-family segment. Within the single-family area, there were gains in starts and permits with strength spread across most regions.

Total housing starts fell to a 1.416 million annual rate from a 1.492 million pace in July, a 5.1% decrease. The August decline followed three consecutive gains from an April low.

The dominant single-family segment, which accounts for about 70% of new home construction, rose 4.1% for the month to a rate of 1.021 million (see first chart). Starts of multifamily structures with five or more units plunged 25.4% to 375,000 (as shown on the same chart). From a year ago, total starts are up 2.8% with single-family starts up 12.1% and multifamily starts down 16.9%.






The Fund Manager

About Robert Hughes

Robert Hughes joined the American Institute for Economic Research in 2013 following more than 25 years in economic and financial markets research on Wall Street. He was formerly the head of Global Equity Strategy for Brown Brothers Harriman, where he developed equity investment strategy combining top-down macro analysis with bottom-up fundamentals. Prior to that, he was a Senior Equity Strategist for State Street Global Markets, Senior Economic Strategist with Prudential Equity Group and Senior Economist and Financial Markets Analyst for Citicorp Investment Services.

Articles by Robert Hughes

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