Housing Starts Lowest in 12 Months

Last month’s housing starts were the lowest in 12 months:

The month-to-month figures bounce around a lot, but this is definitely a down bounce.  I think new housing construction is past its peak and headed down.  Permits tell the same story as actual starts:

Business strategy implication:  The entire supply chain for new construction should be nervous.  However, other businesses won’t be impacted, because the non-housing portions of the economy look solid, and they are much bigger than housing construction.