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Housing is a very important long leading indicator, and it reflects both the consumer and producer sides of the economy. And this Jan. 19 morning, at least in terms of starts, it hit a grand slam.
Total housing starts were 1.608 million units annualized, the highest number since the end of 2006. The less volatile and slightly more leading permits declined slightly to 1.416 million units annualized, but the three-month average of each made new expansion highs:
The story is the same with the less volatile single family starts and permits: