Weekly Observations

• After a jump in early January, permits took a breather this week, falling 8% compared to the prior 7 days.  Meanwhile, the 4-week average has now turned positive (up slightly on the week) as we get past the low holiday data.
• For January in total, the number of permits are tracking down ~20% versus the Q4 average (January is typically the slowest month of the year). Compared to last year, January permits are tracking up roughly 10%.
•  Compared to last year, the Southwest has seen the biggest gains, while Texas has been the laggard.  In 2020, permit activity grew 8% compared to the previous year.

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