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Residential construction still appears to have bottomed

The release of housing starts and building permits for February showed that activity softened a bit, but considering the weather, the results were a bit better than expected. In any event, as these charts show, it continues to look like we have seen the bottom in residential construction activity, which occurred last April, when housing starts were 17% lower than they were in February '10. Building permits in February were 23% higher than they were last April.

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