Key Points:
The pace of single-family housing starts remains near the higher end of the pre-pandemic range despite relatively tight supply conditions.
- The homeowner vacancy rate is around 60bps below the average from 1960 and 50bps below 2019 average levels.
Housing Starts and Vacancy Rates (1960 - Present)
While real retail and food services sales are down slightly year-over-year, growth was robust over Q3.
- Strong real sales are supportive of GDP growth; the Atlanta Fed’s GDPNow model currently projects annualized real GDP growth 3.4% in Q3 – an increase from Q2’s 3.0% rate.
Real Retail and Food Services Sales
