US housing starts in April increased 2.2% month-over-month in April to a seasonally adjusted annual rate of 1.401 million (consensus 1.405 million) from a downwardly revised 1.371 million (from 1.420 million) in March. Single-family starts were up 1.6% month-over-month, because of a strong 59.5% increase in the West; single-family starts declined in all other regions. Building permits declined 1.5% month-over-month to 1.416 million consensus 1.438 million) from an upwardly revised 1.437 million (from 1.413 million) in March. Affordability is the … Continue reading “US Housing Starts Rose 2.2% in April While Building Permits Fell 1.5%”
Caterpillar Record Profit Boosted by U.S. infrastructure Spending But Flat Order Backlog Overhangs
Irving, Texas-based Caterpillar, a Dow component and gauge for global economic health reported first quarter numbers that topped Wall Street expectations with a 31% rise in first quarter profit on Thursday before the market open. $CAT reported a record $4.91adjusted earnings per share, beating Refinitiv analysts’ consensus of $3.78 per share. The company saw strong demand for its construction and mining equipment and engines for transportation and energy generation despite higher prices. The US administration’s infrastructure legislation encouraged spending in … Continue reading “Caterpillar Record Profit Boosted by U.S. infrastructure Spending But Flat Order Backlog Overhangs”
US Housing Starts Fell 0.8% in March While Building Permits Fell 8.8%
US housing starts in March declined 0.8% month to a seasonally adjusted annual rate of 1.420 million (consensus 1.407 million). The fall was due to a decline in multi-unit starts. Single-unit starts were up 2.7% month-over-month to 861,000. Building permits declined 8.8% month-over-month, driven by a 24.3% decline in permits for 5 units or more, whereas single-family permits increased 4.1% month-over-month to 818,000. Affordability is the major issue overhanging; mortgage demand hovers near its lowest level since 1997. The move … Continue reading “US Housing Starts Fell 0.8% in March While Building Permits Fell 8.8%”
US Housing Starts Rose 9.8% in February While Building Permits Rose 13.8%
US housing starts in February increased 9.8% month-over-month to a seasonally adjusted annual rate of 1.450 million units (consensus 1.313 million) while building permits increased 13.8% month-over-month to a seasonally adjusted annual rate of 1.524 million (consensus 1.345 million), the highest for five months. Affordability is the major issue overhanging; mortgage demand hovers near its lowest level since 1997. We saw stronger-than-expected activity in multi-units and single-family starts, which were up 1.1% month-over-month while single-family permits increased 7.6%. The move … Continue reading “US Housing Starts Rose 9.8% in February While Building Permits Rose 13.8%”
US Housing Starts Fall to 31 Month Low in January While Building Permits Rise
US housing starts declined 4.5% month-over-month to a seasonally adjusted annual rate of 1.309 million (consensus 1.355 million) from a downwardly revised 1.371 million (from 1.382 million) in December. Building permits increased 0.1% month-over-month to a seasonally adjusted annual rate of 1.339 million (consensus 1.350 million) from an upwardly revised 1.337 million (from 1.330 million) in December. Affordability is the major issue; mortgage demand hovers near its lowest level since 1997 and the lack of growth in both single-family starts … Continue reading “US Housing Starts Fall to 31 Month Low in January While Building Permits Rise”
Demand for Caterpillar Construction and Energy Equipment Boost Sales 20%
Irving, Texas-based Caterpillar, a Dow component and gauge for global economic health reported mixed fourth-quarter numbers on Tuesday before the market open. $CAT missed on earnings but beat on revenue. The company saw strong demand for its construction and mining equipment and engines for transportation and energy generation despite higher prices. Sales came to $16.60 billion for the quarter, topping Wall Street expectations. CAT was trading $249.62 -11.88 (p 4.54%) Pre-Market Foreign-exchange headwinds however weighed on profit and its operating … Continue reading “Demand for Caterpillar Construction and Energy Equipment Boost Sales 20%”
Unaffordable Real Estate Pushes US Housing Starts Down 1.4% and Building Permits Down 1.6% in December
US housing starts declined 1.4% month-over-month in December to a seasonally adjusted annual rate of 1.425 million (consensus 1.355 million). Total building permits fell 1.6% month-over-month to a seasonally adjusted annual rate of 1.330 million (consensus 1.370 million) and lowest level since May 2020. Affordability is the major issue; mortgage demand hovers near its lowest level since 1997. That said there was a positive element whereby new single-family starts increased by 11.3% month-over-month. Permits came as no surprise after recent … Continue reading “Unaffordable Real Estate Pushes US Housing Starts Down 1.4% and Building Permits Down 1.6% in December”
US Building Permits Fell 11.2% in November as Homebuilders Confidence Turns to Despair
US housing starts fell 0.5% month-over-month in November to a seasonally adjusted annual rate of 1.427 million units (consensus 1.395 million), single-unit starts fell even more, by 4.1% to 828,000. Total building permits declined much more than expected 11.2% month-over-month to a seasonally adjusted annual rate of 1.342 million (consensus 1.480 million), with permits for single-unit dwellings dropping by 7.1%. Affordability remains the major issue; mortgage demand remains near its lowest level since 1997. Homebuilders’ confidence is all a low … Continue reading “US Building Permits Fell 11.2% in November as Homebuilders Confidence Turns to Despair”
US Housing Starts Fell Another 4.2% in October as Affordability Crumbles, Building Permits Fall 2.4%
US housing starts declined 4.2% month-over-month in October to a seasonally adjusted annual rate of 1.425 million (consensus 1.420 million) from an upwardly revised 1.488 million (from 1.439 million) in September. Affordability is the major issue; mortgage demand remains near its lowest level since 1997. Building permits dropped 2.4% month-over-month to a seasonally adjusted annual rate of 1.526 million (consensus 1.518 million) from an unrevised 1.564 million). The move suggests disruption and demographic influences. United States Housing Starts October 2022 … Continue reading “US Housing Starts Fell Another 4.2% in October as Affordability Crumbles, Building Permits Fall 2.4%”
US Housing Starts Fell 8.1% in September as Mortgage Demand Collapses, Building Permits Rose 1.4%
US housing starts declined 8.1% month-over-month in September to a seasonally adjusted annual rate of 1.439 million units (consensus 1.465 million). Affordability is the major issue, the weekly MBA Mortgage Application Index declined 4.5%, as mortgage demand hit its lowest level since 1997. Building permits rose 1.4% month-over-month to 1.564 million (consensus 1.550 million). We see continuing weakness in starts and permits for single-family units, which were down 4.7% and 3.1% month-over-month, respectively. The move suggests disruption and demographic influences. … Continue reading “US Housing Starts Fell 8.1% in September as Mortgage Demand Collapses, Building Permits Rose 1.4%”