![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEizSd5haRhIv5RMeSBpHosZanMag9vF2PsFZTcEkVPeotwgcX9QEBTqpDNiVShSAuOae3WQNyqtVIrSjbYzRpDXxEbQmpkPwbhfNCfM4qCuwsVsG8N4mt8oYHDL9xIyED3dzvgV/s400/building+permits.png)
New housing starts are near an all-time low:
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi7MNdSeWzhgJ2JSqBm0PxpSC0q1lwHLCD8XKqL5m2pXs4evEdMDhMK2Pd8Y2MxzCP1iNQU9dwpcrUUwVzlmTNAZBdWeDUaOUQUZfb347Q2FyXR5rNREx47Grw50LRz7BuQmOZU/s400/new+housing+starts.png)
And new home sales are at rock bottom:
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjj1LfTwLFlvhUNRIcfAAVO79JGP2iDGC0lkKyamlSLEdFJk0GuG1DI35YXOKcOi9qQ1_T9Zi_gy2uOvwqJsGpyYBlezT9nCFQWOvuKP4VvYggylqsGbJ1JrZz_XlghbyYpqChm/s400/new+home+sales.png)
The gray portions of the graphs indicate recessions. As you'll notice, a recovery in new home construction has been an essential part of almost all economic recoveries. ...But we're not getting that this time.