US Housing Starts Surge 14.8% in November, With Single Units Up 18%

US housing starts increased 14.8% month-over-month in November to a seasonally adjusted annual rate of 1.560 million units (consensus 1.360 million) with single-unit activity positive, up a robust 18.0% for starts. US building permits in November decreased 2.5% month-over-month to a seasonally adjusted annual rate of 1.460 million Single-unit activity was also positive here, though up a more modest 0.7% for permits. The housing market has been constrained by a low inventory of existing homes for sale. Yesterday, the NAHB/Wells … Continue reading “US Housing Starts Surge 14.8% in November, With Single Units Up 18%”

Ag Tech Giant Deere Lowered Guidance as Farming, Construction and Forestry all Hit by Slowing Demand

Iconic farming, forestry and construction equipment maker Deere reported earnings before the open Friday. DE saw net income in the fiscal fourth quarter of $2.37 billion, or $8.26 a share, up from $2.25 billion, or $7.44 a share, a year earlier and ahead of the consensus estimate of $7.41 a share. Revenue fell 1% from a year earlier to $15.4 billion in the fourth quarter, however it beat the consensus estimate of $13.66 billion. The company saw its stock fall … Continue reading “Ag Tech Giant Deere Lowered Guidance as Farming, Construction and Forestry all Hit by Slowing Demand”

US Housing Starts Fell 11.3% in August to the Lowest Level since June 2020

US housing starts declined 11.3% in August to a seasonally adjusted annual rate of 1.283 million units (consensus 1.435 million). New US home construction fell in August to the lowest level since June 2020. Single unit starts were down 4.3% to a seasonally adjusted annual rate of 941,000. Higher financing costs are creating headwinds for builders and preventing activity from being stronger in a supply-constrained housing market. US building permits however increased 6.9% to 1.543 million (Briefing.com consensus 1.442 million) … Continue reading “US Housing Starts Fell 11.3% in August to the Lowest Level since June 2020”

Caterpillar Shares Soar to Record High as Earnings Crush Expectations

Irving, Texas-based Caterpillar, a Dow component and gauge for global economic health reported second quarter numbers that topped Wall Street expectations with a 75% rise in quarterly profit to $2.92 billion, or $5.67 a share, from $1.67 billion on Wednesday before the market open. Adjusted earnings of $5.55 a share beat the consensus estimate of $4.58 a share. Sales rose 22% to $17.32 billion, well over the consensus estimate $16.53 billion, for the quarter. Caterpillar saw a wide margin leap … Continue reading “Caterpillar Shares Soar to Record High as Earnings Crush Expectations”

US Housing Starts Fall 8% in June as Higher Financing Costs Create Headwinds for Builders

US housing starts declined 8.0% month-over-month to a seasonally adjusted annual rate of 1.434 million (consensus 1.475 million) in June. Higher financing costs are creating headwinds for builders and preventing activity from being stronger in a supply-constrained housing market. Single-family starts down in all regions except the West (+4.6%), following a downwardly revised 1.559 million (from 1.631 million) for May. US building permits also decreased 3.7% month-over-month to a seasonally adjusted annual rate of 1.440 million (consensus 1.472 million). Permits … Continue reading “US Housing Starts Fall 8% in June as Higher Financing Costs Create Headwinds for Builders”

US Single Unit Housing Starts and Permits Rose Strongly in May Improving Supply

US housing starts rose to 1.631 million in May (well above consensus 1.400 million) but from a lower revised total of 1.34 million in April (from 1.401 million). This is at the strongest pace since April 2022. Building permits also rose, to 1.491 million in May (consensus 1.425 million) from a revised total of 1.417 million in April (from 1.416 million). The monthly growth for single-unit permits (+4.8%), is positive as a leading indicator coupled with single-unit starts (+18.5%), a … Continue reading “US Single Unit Housing Starts and Permits Rose Strongly in May Improving Supply”

US Housing Starts Rose 2.2% in April While Building Permits Fell 1.5%

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%”