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Reports out in the mainstream media today indicated that construction activity may pick up some next year. The Wall Street Journal is reporting that “starts” will increase 11 percent although it’s not clear what they mean by “starts.” Residential? Commercial? Infrastructure?
As we’ve reported before, residential construction has to rebound at some point. Demographics mandate that we add 30 million new homes in the next 20 years, or 1.5 million a year. At the current rate of slightly less than 600,000 new homes being built a year, means that there will be a lot of catching up to do soon.