New Home Construction may indicate a return to stressing single family units from current multi-family units.

The new home builders stressed single family units to December 2022, and that stress might be restarting.

The New Home Builders have done very well with the fiscal spend from Covid remedies and then follow through with federal industrial policy and infrastructure spend since most of the direct transfer payments like FPUC and PPP ended in 2021. However it is obvious that new fiscal spending not related to Covid and what appears to be a Keynesian response that has established innate NGDP growth carries on with “fat times” for the US economy.