Healthy Housing

January housing starts came in at a seasonally-adjusted annualized rate of 1.326 million, their second highest level since 8/07. Single-family starts are also at their second-best level since 2007, 10/07 to be precise. Overall, starts are up 7.3% compared to 1/17 and 18.1% compared to 1/16; good growth! While multifamily starts are up 6.7% Y-o-Y, multifamily activity peaked in 6/15 at 507,000, and has generally been declining since.