Housing starts jumped by 201,000 in November.
While the number beat expectations in an eye popping way, I don’t expect to see a meaningful upswing. Construction activity is already historically high and seems to be constrained. There is plenty of backlog of houses waiting to be built. And, we seem to be working through those unfilled orders.Units under construction
Units awaiting construction
New permits dropped off a bit and may have peaked in August but are still at very healthy levels ensuring demand for new home construction continues.
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Macro: Housing Starts — High Construction Activity Continues
