You are here
Home > Newsletter >

5/21: MetroIntelligence Economic Update by P. DUFFY

April housing starts fall 30.2 percent from March and 29.7 percent year-on-year 

Privately-owned housing starts in April were at a seasonally adjusted annual rate of 891,000. This is 30.2 percent below the revised March estimate of 1,276,000 and is 29.7 percent below the April 2019 rate of
1,267,000.

https://www.census.gov/construction/nrc/pdf/newresconst.pdf

 

April building permits decline 20.8 percent from March and 19.2 percent year-on-year

Privately-owned housing units authorized by building permits in April were at a seasonally adjusted annual rate of 1,074,000.  This is 20.8 percent below the revised March rate of 1,356,000 and is 19.2 percent below the April
2019 rate of 1,330,000.

https://www.census.gov/construction/nrc/pdf/newresconst.pdf

 

Purchase loans rise 6 percent from previous week, down just 1.5 percent year-on-year

The Market Composite Index decreased 2.6 percent on a seasonally adjusted basis from one week earlier, with purchase loans up 6 percent (but down 1.5 percent year-on-year) and refinance activity falling 6 percent (but up 160 percent year-on-year).  The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances decreased to 3.41 percent from 3.43 percent.

https://www.mba.org/2020-press-releases/may/mortgage-applications-decrease-in-latest-mba-weekly-survey

 

1Q20 e-commerce sales grew 7 times faster than total retail sales year-on-year

In the first quarter of 2020, seasonally adjusted U.S. retail e-commerce sales ($160.3 billion) rose 2.4 percent from the previous quarter versus a decline of 1.3 percent for total retail sales ($1.36 trillion).  Year-on-year, e-commerce sales rose 14.8 percent versus an increase of 2.1 percent for total retail sales.   The share of e-commerce sales in the first quarter of 2020 accounted for 11.8 percent of total retail sales, up from 10.5 percent a year earlier.  Each year, the share of e-commerce sales rises by about a percentage point.

https://www.census.gov/retail/mrts/www/data/pdf/ec_current.pdf

 

1Q20 service sector revenue fell 2.8 percent from previous quarter, but up 0.8 percent year-on-year

Advance U.S. selected services total revenue for the first quarter of 2020 was $4,011.4 billion, a decrease of 2.8 percent  from the fourth quarter of 2019 and up 0.8 percent from the first quarter of 2019.

https://www.census.gov/services/qss/qss-current.pdf

Top