Sure, construction can't start until you have a building permit. It's possible that a project may get a building permit and then not start (e.g. because costs have gotten too high, or because the expected prices or rents have dropped too low), so building permits are like a ceiling for how much future construction we'll get. Housing starts can be lower than building permits, but they can't be higher.
Sure, construction can't start until you have a building permit. It's possible that a project may get a building permit and then not start (e.g. because costs have gotten too high, or because the expected prices or rents have dropped too low), so building permits are like a ceiling for how much future construction we'll get. Housing starts can be lower than building permits, but they can't be higher.