Despite rising rates, weakening sentiment, and Omicron anxiety, Housing Starts and Building Permits unexpectedly surged in December. Starts jumped 1.4% MoM (vs expectations of 1.7% drop) and Permits soared 9.1% MoM (crushing expectations of a modest 0.8% drop)...

Source: Bloomberg

This is the 3rd straight month of increasing starts and permits and the biggest monthly jump in building permits since July 2020.