Bloomberg Intelligence
Bloomberg Intelligence: Goldman Boosts Solomon Pay, Nike Job Cuts
Feb 16, 2024
Goldman Sachs boosts CEO David Solomon's compensation. Nike's job cuts. Outlook for US commercial real estate. Preliminary release of Michigan consumer sentiment data. US housing starts data.
40:45
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Quick takeaways
- Despite the decline in housing starts, larger home builders are well-positioned for growth due to access to resources and low inventory for existing homes.
- Consumer sentiment remains optimistic towards the housing market, with expectations for robust growth in personal incomes and continued strength in labor markets.
Deep dives
Housing starts decline in February, driven by a drop in multifamily construction
In February, housing starts declined by 14.8%, with the biggest decrease seen in multifamily construction, while single-family housing starts were down 4.5%. However, building permits, which indicate future construction, increased by 2% from the previous month and are up more than 40% from the previous year. This suggests that the trajectory for single-family housing remains positive, with larger home builders in a better position to capitalize on the market due to their access to land, labor, and capital.
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