The housing market improved abruptly in July with another large gain in August. However, most of the reported 4.2% August gain was due to a sharp downward revision of July remodeling spending. This is implausible and may well be revised away shortly as several similar huge month to move changes in this market have been, says Reed Construction Data chief economist Jim Haughey.

State governments are now experiencing the deepest drop in tax revenues in more than five decades. Year over year state tax revenues fell 4.0% last fall, 11.7% during the winter and 20.0% in the spring (April and May data only). Another decline, albeit smaller is likely in the summer, says Reed Construction Data chief economist Jim Haughey.

Houston and Dallas account for 26% of single family housing starts in the twenty largest metro housing markets, reports Reed Construction Data chief economist Jim Haughey.

This chart features U.S. Housing Permits per 1,000 population based on the latest 12 months and residential permits for cities ranked 301-361.

This chart features U.S. Housing Permits per 1,000 population based on the latest 12 months and residential permits for cities ranked 201-300.