Wednesday’s data for Housing Starts, like a few other pieces of late, catches us up on the tail end of 2025. What we see in the headline figure for November and December points to a rebound in total housing starts. ..Peering into that breakdown, we see the greater increase came in the multi-family category. And then when we look at some other data in the report, namely the number of single-family housing units under construction at the end of December and the number of housing units authorized but not started at the end of December, we see a different picture. This points to slow levels of single-family housing construction and weaker order levels, which explains the continued fall in single-family housing units not started amid the falling number of units under construction. …Meanwhile, the recent bout of severe winter weather is going to throw a wrench into housing construction in the current quarter.