Until housing picks up. That, anyway, is the way Neil Irwin of the New York Times is reporting it:
another disappointing reading on the housing market was released Thursday morning. The number of housing units that builders started work on fell 9.3 percent in June, to an 893,000 annual rate. The number of housing permits issued by local governments, a forward-looking measure that government statisticians consider less prone to measurement error, fell 4.2 percent. Forecasters had expected both numbers to rise.
Hard to blame the weather for this one. And hard to deny the importance of housing to the overall health of the economy as:
… economists think the United States needs to build something on the order of 1.5 million new housing units a year to keep up with a growing population and older homes falling into disrepair. The nation hasn’t consistently built more than 1 million a year since the 2008 recession.