.......................................or a major structural change? Faithful readers of this blog will recognize that change is a topic of conversation that interests me. About the only thing we can count on is that things will change. One of the constants in our economy over the past fifty years has been that national single-family housing starts "average" about 1,000,000 per year. Will we ever get there again? It's a puzzle.
On this chart the single-family housing starts are represented by the blue line. Total starts include multi-family construction. The construction industry represents a significant part of our economy. It got hollowed out (people left the business, very few entered the business) during the recent unpleasantness. The construction industry has yet to recover. I am looking forward to that day when it does.
Source, and enlargeable chart, here