FAST FIVE: Housing Starts Soar To Highest Since 2006 As Permits Plunge
However, the data was extreme to say the least with Housing Starts soaring 16.9% MoM (highest since Oct 2016) and Building Permits shrank 3.9% MoM (worse than the -1.5% exp).
Source: Bloomberg This pushed Starts to their highest since Dec 2006, but permits declined to weakest since September.
But, the more forward-looking permits disappointed.
Even so, the strong overall reading on starts corroborates a jump in developers' confidence.
US homebuilder sentiment posted the highest back-to-back readings since 1999 in December and January amid a jump in prospective buyers and a bump in the sales outlook.