Building Permits
a.k.a. Building Permits Survey, BPS
A monthly count of how many new homes local authorities approved for construction, an early read on the…
In plain English
A monthly count of how many new homes local authorities approved for construction, an early read on the housing market.
Before anyone digs a foundation, they need a permit. Building permits data (in the US, from the Census Bureau, released alongside housing starts) counts those approvals.
Because permits come before building, they hint at where construction is heading. Housing is very sensitive to interest rates, so a slump in permits can be an early sign that higher rates are biting.
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