However, the data was extreme to say the least with Housing Starts soaring 16.9% MoM (highest since Oct 2016) and Building Permits shrank 3.9% MoM (worse than the -1.5% exp).
This pushed Starts to their highest since Dec 2006, but permits declined to weakest since September.
All four regions posted a gain in starts, with the Midwest, South and West showing the best pace since 2006. Starts in the Northeast were the highest since August.
Under the hood, Starts were dominated by a 32% surge in multi-family units (though single-family starts rose 11.2% MoM)...
Multi-family Starts soared 75% YoY...