Economics Editor Bill Wood: The trick going forward is to tease out the signals from the noise. The push and pull relationship between demand and prices during the past three years will take years to understand completely.
In 2022, the total number of house starts declined by an estimated 2 percent compared with 2021. For 2023, Economics Editor Bill Wood's forecast calls for the annual total to drop another 10-15 percent.
Bill Wood: "It is no secret that Jerome Powell and friends are aggressively attempting to temper consumer demand in a quest to quell inflation. But do they possess the skill — or luck — to pull the rate of inflation down to an acceptable level and also avoid a contraction in overall economic activity?"