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Housing Starts rise 2.6% in April

5/16/2012

 
Kevin Spires, CFA, FRM
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The Census Bureau released its April Home Construction report this morning.  Housing Starts rose by 2.6% to 717k from an upwardly revised 699k in March.  Housing Permits dropped by 7% to 715k from 769k - bring Starts and Permits back into line.  The historical ratio from 1962 is a bit more that 105 starts for every 100 permits.

The Housing Recovery has barely begun, but the first four months of 2012 have starts up 24% versus the same four months last year.  The Housing Recovery has turned into quite the tailwind for the economy.  It would take 7% real growth in housing over the next 9 years to return home construction to its historical rate.  Housing will support GDP growth for the next decade - a 180 degree turnaround from the 2006-2010 time period.


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