The data is not causing any change in the consensus forecasts for 2020.
The housing sector has been a drag on economic growth in the past two years. This appears to be changing with the data from last week. Housing starts have moved above the 1.3 million annual rate for only the second time in the past two years. That is more than double the level reached at the end of the ’08 – ‘09 recession. As importantly, permits rose to 1.461 million indicating starts will continue to improve in the next three months. This data was followed by existing home sales rising to 5.460 million, up from 5.0 million at the beginning of the year.
PROBANK AUSTIN ADVISOR - NOVEMBER 25, 2019