Tag: Housing Starts

Housing Starts Rebounded Strongly in April, Growing at Fastest Pace since November 2007

The Census Bureau and the U.S. Department of Housing and Urban Development said that residential construction activity rebounded strongly in April. New housing starts jumped from an annualized 944,000 in March to 1,135,000 in April, its fastest pace since November 2007, the month before the start of the Great Recession. As such, it appears that the housing market has begun to move beyond the weather-related softness seen in some regions of the country in February and March. On a year-over-year basis, housing starts have risen 9.2 percent since April 2014.

Both single-family (up from 628,000 to 733,000) and multi-family (up from 316,000 to 402,000) housing starts were higher in April, which was encouraging. The single-family growth rates was the fastest since January 2008, with multi-family starts reaching a nine-month high. (continue reading…)

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Monday Economic Report – April 20, 2015

Here is the summary for this week’s Monday Economic Report:

Manufacturing production increased 0.1 percent in March. This followed three months of weaker data, including declines in both January and February. There have been some significant headwinds hitting the manufacturing sector over the past few months, including a strong U.S. dollar, weakened economic markets abroad, lower crude oil prices, the West Coast ports slowdown and weather. These challenges have slowed activity in the sector since November. The latest Beige Book discussed these headwinds. The year-over-year pace of manufacturing production in March was 2.4 percent, down from 4.5 percent in November. Meanwhile, total industrial production, which includes mining and utilities, fell 0.6 percent in March, declining for the third time in the past four months. As such, the data suggest manufacturers have started the new year on a very soft note despite optimism for better demand and output moving forward. (continue reading…)

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Housing Starts Remained Weak in March

The Census Bureau and the U.S. Department of Housing and Urban Development said that residential construction activity remained weak for the second straight month. New housing starts increased 2.0 percent, up from an annualized 908,000 in February to 926,000 in March. Each of those figures, however, remain below the 1,072,000 rate observed in January. They reflect reduced activity in every region of the country, most notably in the Midwest, Northeast and West. Poor weather conditions have been a factor in some regions, and along those lines, starts in the Midwest and Northeast rebounded somewhat as they recovered from heavy snowstorms the month before. (continue reading…)

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Monday Economic Report – March 23, 2015

Here is the summary for this week’s Monday Economic Report: 

The U.S. economy has sputtered a bit in the early months of 2015. While it continues to grow modestly, several economic indicators are weaker than we would prefer. For example, manufacturing production decreased by 0.2 percent in February, declining for the third straight month. Many headwinds have combined to bring about this softness in the manufacturing sector, including global economic weakness, a strong U.S. dollar, the West Coast ports slowdown, a cautious consumer and the weather in some parts of the country. (continue reading…)

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Housing Starts Plummeted in February, but Permits Reflect Continued Strength

The Census Bureau and the U.S. Department of Housing and Urban Development said that residential construction activity plummeted in February, falling 17.0 percent. New housing starts declined from an annualized 1,081,000 in January to 897,000 in February. This was the slowest pace of housing starts since January 2014. Perhaps coincidently, that month was marred by a number of winter storms which were significant enough to lessen GDP and overall economic activity. This most recent report likely suffered from the same thing, particularly with major snowstorms in the Northeast and the Midwest, with starts in those two regions down 56.5 percent and 37.0 percent in February, respectively. Starts in the West were also weak, down 18.2 percent for the month. (continue reading…)

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Monday Economic Report – February 23, 2015

Here is the summary for this week’s Monday Economic Report: 

In the minutes of its January 27–28 meeting, the Federal Open Market Committee (FOMC) provided a nuanced view of the economic outlook. Participants noted that “economic activity had been expanding at a solid pace,” and they were mostly optimistic about the “prospects for further improvement in 2015.” Yet, the FOMC also pointed to some significant headwinds in the U.S. economy, including sluggish global growth, a stronger U.S. dollar, federal government sequestration and reduced crude oil prices. Regarding the latter, the Federal Reserve said that it was concerned that “persistently low energy prices might prompt a larger retrenchment of employment [and capital investment] in these industries.” (continue reading…)

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Housing Starts and Permits Pulled Back a Little in January

The Census Bureau and the U.S. Department of Housing and Urban Development said that residential construction activity pulled back a little in January. New housing starts declined from an annualized 1,087,000 in December to 1,065,000 in January. The good news was that starts have exceeded one million for five straight months, averaging 1,057,400 over that time period. Yet, the numbers for January were also somewhat softer than expected. (continue reading…)

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Monday Economic Report – January 26, 2015

Here is the summary for this week’s Monday Economic Report: 

The European Central Bank (ECB) finally announced its long-awaited quantitative easing program on Thursday. The ECB will purchase 60 million euros in bonds each month until September 2016—totaling at least 1.1 trillion euros overall—in an attempt to stimulate growth. Depending on where the Eurozone economy stands pointing September 2016, the ECB might extend its purchasing beyond that point. The impact on the euro was almost immediate, with the euro exchanging for $1.1206 at Friday’s close, down from $1.3927 on March 17, the high point of 2014. This will complicate manufacturers’ ability to sell goods into Europe, something that was mentioned in the sample comments in the latest Kansas City Federal Reserve Bank’s monthly survey (see below). (continue reading…)

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Housing Starts Rebounded in December, with Progress from Earlier in the Year

The Census Bureau and the U.S. Department of Housing and Urban Development said that new residential construction rebounded in December. New housing starts rose from an annualized 1,043,000 in November to 1,089,000 in December. These data have been up and down for much of the second half of 2014, with December’s value not far from October’s 1,092,000 reading. The underlying story, however, is one of progress. Housing starts averaged 1,052,167 in the second half of 2014, which was a nice improvement from the 955,167 average observed in the first half. In continue to predict that housing starts will exceed 1.1 million in the coming months, and this latest data are relatively close to that mark. (continue reading…)

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Monday Economic Report – December 22, 2014

Here is the summary of this week’s Monday Economic Report: 

Manufacturing production was up sharply in November, with output increasing 1.1 percent for the month and 4.8 percent year-over-year. These healthy gains followed a softer-than-desired autumn, and we hope it suggests that production figures will begin to match the relative optimism regarding expected demand and output seen in a number of sentiment surveys, including the latest NAM/IndustryWeek Survey of Manufacturers. Capacity utilization for the sector was also higher, up from 77.6 percent in October to 78.4 percent in November. This was the highest utilization rate since December 2007, the first month of the Great Recession. Moreover, total industrial production rose 1.3 percent, with utility output in November also up significantly. Mining production was down for the month, but up a whopping 9.3 percent over the past 12 months, with the sector benefiting from increased energy exploration. (continue reading…)

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