Report
Charles Gross
EUR 101.80 For Business Accounts Only

Housing Update: Multifamily Starts Remain Weak Despite Strong Permit Issuance

July residential construction data was somewhat weaker than we expected, due largely to soft multifamily activity. Single family activity remained more robust and consistent with our outlook for the year. We've reduced our total starts forecast to 1.22 million units in 2017, down from 1.26 million following a downward revision to our multifamily forecast.
Multifamily starts have fallen roughly 10% on a year-to-date basis. That's a stark contrast to a milder 2% decline in permitting. It would app...
Underlying
Sherwin-Williams Company

Sherwin-Williams is engaged in the development, manufacture, distribution and sale of paint, coatings and related products to industrial, commercial and retail customers. The company's segments are: The Americas Group, which markets and sells Sherwin-Williams? and other controlled brand architectural paint and coatings, protective and marine products, OEM product finishes and related products; Consumer Brands Group, which supplies architectural paints, stains, varnishes, and industrial products, among others; and Performance Coatings Group, which develops and sells industrial coatings, automotive refinish, protective and marine coatings, coil coatings, packaging coatings and resins and colorants.

Provider
Morningstar
Morningstar

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.

Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.

We have operations in 27 countries.

Analysts
Charles Gross

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