4/20: METROINTELLIGENCE ECONOMIC UPDATE – P. Duffy

March housing starts dip 6.8 percent from February but still up 9.2 percent year-on-year

Privately-owned housing starts in March were at a seasonally adjusted annual rate of 1,215,000. This is 6.8 percent below the revised February estimate of 1,303,000, but is 9.2 percent above the March 2016 rate of 1,113,000.

 
 
March building permits rose 3.6 percent from February and 17.0 percent year-on-year
Privately-owned housing units authorized by building permits in March were at a seasonally adjusted annual rate of 1,260,000. This is 3.6 percent above the revised February rate of 1,216,000 and is 17.0 percent above the March 2016 rate of 1,077,000.
 
Industrial production rose 0.5 percent in March and 1.5 percent for all of 1Q 2017
Industrial production increased 0.5 percent in March after moving up 0.1 percent in February, mostly due to demand for residential heating by utilities. For the first quarter as a whole, industrial production rose at an annual rate of 1.5 percent.
 
 
Empire State Manufacturing Survey index indicates slower growth in April
According to firms responding to the April 2017 Empire State Manufacturing Survey, the headline general business conditions index fell eleven points to 5.2.  Indexes assessing the six-month outlook continued to convey a fairly high degree of optimism about future conditions.

 

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