Back to the 80s

Remember Alex Keating and "Family Ties"? The 80s are back! At least in the residential construction market.
New construction of single-family homes, considered the core of the housing market, dropped to 680,000, or 5.7% below last month's number. Single-family housing starts have not been this low since May 1980.
Applications for building permits, considered a reliable sign of future construction activity, fell to a seasonally adjusted annual rate of 927,000 in March. That's 5.8% below the revised 984,000 rate in February. Economists were expecting permit applications to fall to 970,000.
Construction of new multi-family housing declined to a rate of 680,000 from 721,000 last month.