As such, his latest post on the outlook for residential investment in 2013 is a must-read.
Here's the most eye-popping part of his assessment:
Here is a table showing housing starts over the last few years. No one should expect an increase to 2005 levels, however demographics and household formation suggest starts will return to close to the 1.5 million per year average from 1959 through 2000. That means starts will come close to doubling over the next few years from the 2012 level.
As for his specific 2013 forecast, he says:
I expect growth for new home sales and housing starts in the 20% to 25% range in 2013 compared to 2012. That would still make 2013 the sixth weakest year on record for housing starts (behind 2008 through 2012), and the seventh or eight weakest for new home sales. So I expect further growth in 2014 too.
This is one of the most bullish things that can be said for the US economy. Housing is still so beat down, and has come along to slowly in terms of recovery, this represents a major tailwind for some time to come.