Construction activity is a fundamental measure of local housing market health. That’s because homebuilding is both a signal of where builders are betting on future housing demand as well as a creator of local jobs. In this housing recovery, construction might even be a better measure of local market health than home price changes, which have been driven in part by investors and others buying undervalued homes. Census building permit data reveal which markets are breaking new ground. Construction activity is highest relative to the local norm in Boston, New York, San Jose, and Houston, which are on track to build at least 50% more new homes in 2014 than their local historical average. The rest of the top 10 include Orange County (California), Austin, Dallas, San Francisco and Los Angeles. [Read this article]
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