U.S. Building Permits have historically acted as a leading indicator of economic slowdowns.
Each time construction activity cooled — in the 1970s, 2007, and again post-2021 — deep S&P 500 drawdowns followed shortly after.
Today, permits have fallen to 1.33M (−2.3%), while the S&P 500 remains near all-time highs with a minor −1.6% drawdown.
📊 Historically, this kind of divergence doesn’t last long.
When the real economy starts to weaken, the market usually follows.
👉 The housing cycle whispers before the market screams.
Each time construction activity cooled — in the 1970s, 2007, and again post-2021 — deep S&P 500 drawdowns followed shortly after.
Today, permits have fallen to 1.33M (−2.3%), while the S&P 500 remains near all-time highs with a minor −1.6% drawdown.
📊 Historically, this kind of divergence doesn’t last long.
When the real economy starts to weaken, the market usually follows.
👉 The housing cycle whispers before the market screams.
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