A few months ago, pundits found green shoots growing in apartment building permit approvals amidst generally terrible overall residential housing data. In October 2010, apartment building permit data still has not gained traction, and overall building permit data remains anemic.
Private sector construction spending is in decline and public sector has been increasing. Prospects are that the public sector may also decline from here.
In August 2010, single home statistics are down, level or barely up MoM. Overall, single family new construction is not yet recovering – but multifamily is up.
GDP’s 2Q2010 weakness was in the private investment area. This new data for the first month of 3Q2010 is indicating higher GDP 3Q headwinds.