Single-family home starts continued to gain from rock bottom interest rates and the exodus from urban, multifamily housing amid the pandemic. September residential starts grew 1.9%, while permits rose 5.2%, the fastest since the 2007 peak.
Single-family inventory dipped to 3.3 months, the smallest since 1963, while multifamily starts cratered by 16.3%.
It was a bright spot of economic news following an ugly day of losses across all indices yesterday that saw ES tumble to our next downside target.
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