Multi-Unit Construction Staying Steady (For Now) While Single-Fam Slides
There aren't many ways to make the Census Bureau's New Residential Construction report exciting, and there are zero ways to frame it in a positive light (unless you want the old "it can only go down for so long before it comes back up"). So let's just get through this and try to pluck out one or two interesting tidbits.
First off, if we're just looking at the two main headlines in the data (housing starts and building permits) in the context of the past 10 years, things actually could be quite a bit worse. Sure, there's been a massive contraction from the peak, but the peak was driven by ravenous, temporary demand.
It's no mystery that housing-related metrics have suffered in an environment dominated by the fastest rate spike in 40 years to the highest levels in 20 years. But
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