US Housing Market Rapid Response

Housing Starts (May 2024)

The drop in housing starts in May is consistent with the recent slowdown in permit issuance, pointing to construction continuing to falter this year.

20th June 2024 · 2 mins read

US Housing Market Rapid Response

US Housing Starts (Apr. 2024)

The modest rebound in housing starts in April confirmed that the slump the month before was a weather-related blip. But the recovery wasn’t as strong as we had anticipated, which potentially casts...

16th May 2024 · 2 mins read

Europe Commercial Property Update

Still-weak sentiment consistent with sluggish recovery

The latest RICS survey suggested that there was a further improvement in occupier and investment demand at the beginning of 2024. However, the big picture was one of a very weak market, reaffirming...

25th April 2024 · 3 mins read

US Housing Market Rapid Response

US Housing Starts (Mar. 2024)

Housing starts weren’t able to build on the strong performance of the previous month in March, falling by the largest monthly amount since April 2020 in the early days of the pandemic. Although some...

16th April 2024 · 2 mins read

US Commercial Property Office Metros Outlook

Value falls of 25% still to come in worst-hit markets

Our latest office metro forecasts highlight a continued divergence between southern metros and the western and major markets. That difference in performance will be driven by a smaller hit to demand...

8th April 2024 · 7 mins read

UK Housing Market Update

How much should we read into the collapse in starts?

The further slump in housing starts in Q4 was a surprise, but timelier data and leading indicators suggest activity has since begun to recover. We are therefore happy with our forecast of a gradual...

5th April 2024 · 2 mins read

US Commercial Property Apartment Metros Outlook

Houston climbs to the top of the apartment rankings

We expect a surge in completions and a slowdown in employment growth to push vacancy higher in most of our 17 metros over the next year or so. Atlanta and Houston are two key exceptions to this rule...

4th April 2024 · 7 mins read

China Economics Weekly

Policy support a temporary prop to construction

Local government financing vehicles are ramping up land purchases to build more public housing, while developers are being given more financing to accelerate work on unfinished projects. This may...

22nd March 2024 · 4 mins read

US Housing Market Rapid Response

US Housing Starts (Feb. 2024)

The strong rebound in housing starts last month confirmed January’s slump was a weather-related blip. Although we expected starts to bounce back, February’s data were even stronger than we had...

19th March 2024 · 2 mins read

UK Commercial Property Rapid Response

S&P Global/ CIPS Construction PMI (Feb. 24)

The headline CIPS construction PMI rose to 49.7 in February, just under the no change level. The rise was driven by the housing component, with commercial activity edging back a touch. As interest...

6th March 2024 · 2 mins read

US Housing Market Update

Single and multi-family construction on different paths

Following the huge fall in multi-family starts in January, we suspect the apartment sector will continue to be a drag on new development this year. But construction of single-family dwellings will...

19th February 2024 · 3 mins read

US Housing Market Rapid Response

Housing Starts (Jan. 2024)

Housing starts fell by the largest amount since April 2020 in January, led by a huge drop in multi-family starts. We suspect the multi-family sector will continue to be a drag on new development this...

16th February 2024 · 3 mins read

UK Commercial Property Rapid Response

S&P Global/ CIPS Construction PMI (Jan.)

The rise in the headline CIPS construction PMI from 46.8 in December to 48.8 in January was driven by improvements in both the housing and commercial readings. (See Chart 1.) While we doubt commercial...

6th February 2024 · 2 mins read

US Housing Market Update

Are rents really falling?

We think the recent divergence between the BLS measure of apartment rents and other sources is due to reliability issues with the former, which we expect will be revised higher in future releases...

31st January 2024 · 3 mins read

US Housing Market Rapid Response

Housing Starts (Dec. 2023)

Housing starts fell last month reversing almost half of November’s huge weather-driven 11% m/m increase, but remained stronger than they were in the summer. The fall on the month was something of a...

18th January 2024 · 2 mins read