Last month this letter reported that September housing starts had increased by 15% to 658,000. That was good news.
Unfortunately this morning's Census Bureau release says that figure was revised downward to 630,000 and that October starts were 628,000:
http://www.census.gov/const/newresconst.pdf
Housing Starts
(Click on chart to enlarge)
(Recessions shaded)
In any event the chart makes clear that housing starts have been hanging out at around 600,000 for some time. You can see where we have to go in order to return to a sense of normal.
And there is no sign that will happen anytime soon.
(To be fully informed visit http://www.beyourowneconomist.com/)
© 2011 Michael B. Lehmann
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