Light at The End of The Tunnel
November jobs reports for both the U.S. and Canada came out Friday, and proved that it is possible to be neighbors when you live on different planets. The U.S. added just 245,000 jobs last month, down 60% from October’s 610,000. Normally one month would be no big deal, but October was down 60% from August—which in turn was down 70% from June. You won’t be surprised by the reaction. The New York Times called it a jobs report without silver linings. Fox Business warned that Novem...
Builders Shift Gears
9.28.2020 View online version
Too early to say whether this is a trend or a blip, but U.S. housing starts took an interesting turn in August.
Total starts fell 5% to 1,416,000 annualized. No surprise there. July was a banner month—the best since the pandemic began and the fourth best monthly total since 2006. The surprise was in the mix.
Over the 51 years from 1959 to 2010, multifamily as a share of total U.S. starts averaged 28%. Multifamily’s share of the total ha...