This graph shows that the National Association of Home Builder's Housing Market Index (HMI) and single family starts mostly move in the same direction.
Residential investment (RI) is one of the best leading indicators for the economy, and the best indicators for RI are the NAHB HMI, housing starts, and new home sales. And these indicators are moving sideways (at best).
Note: The largest components of residential investment are new home construction, and home improvement. This includes brokers' commissions and some minor categories.
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