If yesterday’s plunge in the NAHB sentiment survey is anything to go by, this morning’s starts and permits data should be a shitshow (expectations were for a modest MoM decline in both for August).
And sure enough, starts puked hard (down 11.3% MoM vs -0.9% exp). BUT… forward-looking permits soared 6.9% MoM (vs -1.1% exp)…
Source: Bloomberg
This leaves Starts (SAAR) at their lowest since June 2020 and Permits (SAAR) at their highest since Oct 2022…
Source: Bloomberg
Under the hood, multi-family rental starts plunged by the most since June 2020 while single-family permits rose for the 8th straight month…
Source: Bloomberg
For context…
Finally, if sentiment among homebuilders is collapsing again, why are they loading up on permits?
Source: Bloomberg
And why is construction employment still holding near its highs…
Source: Bloomberg
Will The Fed see permits soaring as homebuilders betting on their dovishness and step in tomorrow to curb-stop that optimism?
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https://www.zerohedge.com/markets/housing-starts-plunged-august-renter-nation-collapses
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