Building permits are one of the three indicators used by the National Association of Home Builders when analyzing market performance.
While employment has reached 99 percent of normal activity, and home prices are above normal at 155 percent, single-unit permit totals are still lethargic. The number of markets at or above normal growth levels grew 6 percent over last quarter, increasing permit numbers. National Mortgage News reports that Houston led all major metros in single-unit building permits in the third quarter.
"While permits continue to inch upward, they remain the weakest element of the index and show that builders need to manage supply-side hurdles, such as rising material prices and labor shortages," NAHB Chief Economist Robert Dietz said in a press release.
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