Texas housing fell 5.9 percent year-over-year (YOY) as Harvey shut down the Houston economy for nearly a week. Current residential construction activity, measured by the Residential Construction Cycle (Coincident) Index, decelerated due to slowing multifamily construction values. The Residential Construction Leading Index (RCLI) declined amid rising real interest rates, signaling a slowdown in the residential construction business cycle. Read full article.
November 16, 2017