Housing starts unexpectedly decline 4.1 percent but permits rise 0.7 percent to a new recovery high.
Economists Expectations
This article was originally published by Mish Talk.
New Residential Construction Report
The Census Department New Residential Construction Report for January shows economists were way off the mark.
Building Permits
Housing Starts
Housing Completions
Long Term Picture
Completion Gap
Note the huge gap between starts and completions.
Blame this on shortages of materials and labor, and also on prices, especially lumber.
Those delaying, expecting or hoping the price of lumber would continue to fall have had those hopes dashed.
I expect that completion gap will close, with starts plunging as mortgage rates climb, the economy heads into recession, and completions finish.
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