So-so Starts

Today’s housing data was mixed. There were slight upward adjustments to January and February and year-to-date housing starts are up 14.5%. But, Q1/15 was the worst quarter for housing starts last year. If starts remain on their current pace, the rest of 2016 will show no meaningful month-over-month gains. As for multifamily, it appears to be leveling off if not losing momentum and probably peaked in Q2 and Q3 2015.