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SRVR - April Housing Permits And Starts Set A Baseline For A Housing Recovery
Pacer Benchmark Data & Infrastructure Real Estate SCTR
Introduction
Housing, as I have written many times, is a long leading indicator, giving a glimpse of the direction of the economy one year and more out. As such, the April report on housing permits and starts, released yesterday morning, sets the baseline both for the impact of the coronavirus recession and for a potential recovery.
To the numbers
Both housing permits and starts peaked in January. Starts have historically tended to be about twice as volatile as permits and that has remained true for March and April, as the former is down the total