Both NDD and I think that housing could be the stealth story of the year. Today's news on housing starts adds more to that story:
Privately-owned housing starts in September were at a seasonally adjusted annual rate of 872,000. This is 15.0 percent (±12.1%) above
the revised August estimate of 758,000 and is 34.8 percent (±18.2%) above the September 2011 rate of 647,000.
Single-family housing starts in September were at a rate of 603,000; this is 11.0 percent (±11.1%)* above the revised August figure of
543,000. The September rate for units in buildings with five units or more was 260,000.
A strong residential sector is a key driver of most post-WWII expansions. This is great news.