Weekly Observations

• This Week. After being firm for most of February, weekly permits declined by ~5% last week, primarily due to weather slow downs in Texas and Midcon. On the positive side, the Southeast / Florida was a notable standout last week, particularly with mid-tier installers like Posigen, Sunpro, and Blue Raven (publics have low exposure in Southeast).
• February. For February, permits are tracking up almost 15% compared to January and year ago levels.
• Q1’21. This quarter, permits are tracking ~10% better than a year ago and down ~20% compared to Q4’20 (characteristic of seasonal permit trends). Going forward, March / April / May are typically very strong permit & installation months, which should start to be reflected in next weeks data. To reach 25-35% installation growth in 2021, permit activity will need to start averaging +1-3% per week over the few months.

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