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Report | Construction data supports second quarter growth

Summary

​Both construction starts and permits for June rebounded from a weak patch, largely led by the single-family market. But that does not mean that multifamily market is stalling. We expect 2017 to be high watermark for construction during this cycle, before pulling back over the next few years.

However, the data contained one warning – sentiment among homebuilders declined to its lowest level since before the election. This was due to rising input prices, particularly lumber, which has increased in price significantly since a tariff was announced on Canadian lumber in May. The administration has a lot of latitude to set trade policy so they will need to be careful about unintended consequences.

Learn more in our complete economic insight report for July 26, 2017.

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