SPY & Housing Starts
The number of new residential construction projects that have begun during a particular month.
SPY Price
Housing Starts
Year-over-Year Change
What It Measures
Housing Starts measures the number of privately-owned housing units on which construction has started. A housing start is defined as the beginning of excavation of the foundation for the building. The data includes: - **Single-family homes**: Detached, attached, and 2-unit buildings - **Multi-family buildings**: Buildings with 5 or more units (apartments, condominiums) - **Regional breakdown**: Northeast, Midwest, South, and West Data is reported as a Seasonally Adjusted Annual Rate (SAAR), which annualizes the monthly figure.
Why It Matters
**Leading Economic Indicator**: Housing construction is one of the first sectors to respond to changes in interest rates and economic conditions. **Employment Driver**: Residential construction supports millions of jobs in construction, manufacturing (appliances, materials), and related services. **Consumer Wealth**: Home construction adds to the housing stock and affects home values, impacting household wealth. **Fed Policy Sensitivity**: Housing is highly sensitive to mortgage rates, making it a key transmission channel for monetary policy.
Key Levels
Data Sources
SPY: S&P 500 ETF daily OHLCV data (1993-02-02 to 2026-02-13)
Housing Starts: HOUST - Housing Starts from U.S. Census Bureau
Units: Thousands of Units, Seasonally Adjusted Annual Rate, Monthly