Typically, a five-year moving average of all types of construction (as reported by building permits) corresponds closely to a five-year moving average for overall housing demand (defined as household change plus replacement requirements). The five-year moving average allows sufficient time for adjustment to prices and rents, and tenure shifts (owner versus renter). On a year-to-year basis, it is important to note the difference between incremental demand required to maintain a balanced housing market, and the expected turnover in the market (which includes the incremental change).

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