Today’s New Residential Construction Report showed a notable declines to both total permit activity and total start activity with starts dropping a whopping 16% from December.
Single family housing permits, the most leading of indicators, declined 1.3% from December to 602K single family units (SAAR), and increased 2.4% above the level seen in January 2013 but still remained well below levels seen at the peak in September 2005.
