Karim writes:
- Safe to say we have corrected for the 65.6% rise in multi-family starts in February as we have now had back-to-back months of -46.1% (today’s #) and -23.0%
- Single family starts up 2.8% in April and overall starts -12.8%
- Permits, a leading indicator of starts, -3.3% overall, +3.6% single family, and -19.9% multi-family
- Single family starts -45.6% y/y and multi-family -72.3% y/y
- Chain store sales look down about 0.2% m/m so far; important as May represents peak month for stimulus measures as it relates to personal income