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 counts the number of privately-owned housing units on which construction has started. A start is defined as the beginning of excavation for the foundation. The data includes: - Single-family homes - Multi-family buildings (apartments, condos) Reported as a seasonally adjusted annual rate (SAAR).
Why It Matters
**Economic Multiplier**: Housing construction drives employment and spending across many industries (materials, appliances, furnishings). **Interest Rate Sensitive**: Housing is highly responsive to mortgage rates, making it a key Fed policy transmission channel. **Supply Indicator**: Shows whether housing supply is keeping pace with demand. **Leading Indicator**: Housing often leads the broader economy into and out of recessions.
Key Levels
Data Sources
SPY: S&P 500 ETF daily OHLCV data (1993-02-02 to 2026-01-22)
Housing Starts: HOUST - Housing Starts from U.S. Census Bureau
Units: Thousands of Units, Seasonally Adjusted Annual Rate, Monthly