While housing starts and permits are rising smartly, it’s entirely due to multifamily (2 or more units). Last month, multifamily starts enjoyed their best month since 4/88 and their best first half of the year since 1989! Moreover, in June multifamily starts were 41.6% of all starts, the highest percentage since 12/85. As for multifamily permits, they just had their best month since 1/90, and their best YTD since 1987.