Zero Hedge looking at permits: Following two ugly months of dramatically missed expectations, Housing Starts exploded to 'recovery' highs (highest since Nov 2007) jumping 20.2% MoM to 1.135million (against 1.015 exp.). This is the 2nd biggest MoM jump in history. Both single-family (3rd biggest MoM surge since the crisis peak) and multi-family starts surged. Permits also surged in April (jumping 10.1% MoM - the most since 2012) to 1.143 million (well above expectations) and the highest since June 2008.
Well, the permit business is looking up, puts money in local government accounts. Does it help? Yes, this summer if the economy has not gone grey bar. But I have a hard time seeing any help this quarter, the lead times are too great.
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