Housing starts had a poor end to 2017. An 8.2% m/m drop in December meant starts finished the year 6% down compared to a year ago. The single-family sector drove the contraction in starts. But, at the same time, single-family permits reached a 10-year high, suggesting that the drop in starts was a blip. With builder confidence close to 19-year highs, we expect housing starts to rise gradually over 2018.
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