Today’s New Residential Construction Report showed mixed results for January with increases for single family permits and starts but a notable 8.5% monthly decline for total starts.
Single family housing permits, the most leading of indicators, rose 1.9% from December to 584K single family units (SAAR), and increased 29.2% above the level seen in January 2012 but still remained an astonishing 67.52% below the peak in September 2005.
Single family housing starts increased 0.8% from December to 613K units (SAAR), and rose 20.0% above the level seen in January 2012 but still remained 66.37% below the peak set in early 2006.
