Building Permits Fall Well Below Housing Starts For First Time in Over 2 Years
Housing Starts, the jargon word used to refer to the inception of new residential construction, have a fairly logical relationship with building permits. The latter tends to run a bit higher on average since the Great Financial Crisis, but there has been plenty of overlap.
Since the start of the pandemic, however, building permits opened up a clear lead on housing starts and never looked back--at least not until today's data came out. Granted, there was one month in the middle of 2021 where starts eclipsed permits by a few thousand units, but that was nothing compared to today's gap of 85k.
Long story short, the orange line finally fell well below the blue line:
Does this tell us anything we didn't already know about the housing market? Not really. Post-covid labor/ma
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