– by New Deal democratThe Census Bureau’s report on residential construction for June was a decidedly mixed bag. Here’s their graph of permits, starts, and completions:
On the positive side, even though starts declined slightly in June, the three month average, which is the best way of looking at this measure due to its noisy m/m readings, improved to the best number in 13 months. Starts are real economic activity, and bode well for 2020. Single family permits (not shown above) – the least noisy of all the leading housing indicators – also improved to 813,000, suggesting that April’s reading of 786,000 may have been their low.
On the negative side, total permits declined to 1.22 million annualized, which is the lowest reading in over 2 years, and is -13.2% below their March 2018Read More »