The US Department of Commerce, Census Bureau updated the building permits for December 2011 for the Twin Cities area. Robert Shiller’s description of a Catfish recovery seems appropriate, we are still bouncing along the bottom.
There are indicators such as the low inventory levels and builders confidence that suggests we will likely see an uptick in the building permits this spring. I believe we will see that as well, but there is a long way to go to get us back to “normal” range of new homes being built.
October 2011 there were 603 permits for total housing units, dropping in November to 462 then back up to 658 for December.
- Building Permits for Minneapolis / St Paul (craigkamman.com)
- US Dec Bldg Permits Revised Down To -1.3% To 671K Unit Rate (forexlive.com)