The Rising Influence of Rising Affluence

[DewDiligence]

Good for PCL—US homebuilding permits reached highest level in November since mid 2008:

http://www.nytimes.com/2012/12/20/business/economy/housing-starts-slip.html

…the Commerce Department said…building permits increased 3.6 percent to a seasonally adjusted annual rate of 899,000 units, the highest level since July 2008. That was well above economists’ expectations for a rate of 875,000 units.

… In the 12 months through November, housing starts were up 21.6 percent, while permits gained 26.8 percent.