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I chose to discuss the economic indicator on building permits. Building permits are of economic importance for a few reasons. For starters an increase in the number of building permits being issued often times results in a boost of job opportunities. When job opportunities increase, unemployment rates decrease, and there is a boost in economic spending. The boost in the economy is also a result of the materials needed to build or install the projects requiring building permits.

When reviewing the Economic Calendar on Bloomberg for the week of 3/24/24- 3/31/24 we can see that the importance of building permits is 2 bulls. In prior weeks the government issued 1.489 million. It was forecasted that this week that number would increase to 1.518 million. There actual ended up being 1.524 million. This makes for a positive impact on the USD. This information was provided to Bloomberg by the US Census Bureau.

Through a google search I found an article on Rueters.com. The article discusses that with the 11.6% surge in the building of single-family homes in February, building permits have increased 1% bringing it to a two-year high. This surge is contributed in part to the lack of previously built single family homes on the market. As the Federal Reserve's continue to gradually lower interest rates the number of homes being built will increase, this will then increase the number of building permits being issued by the government. The increase will contribute to economic growth and will continue to contribute to economic growth as more homes continue to be built.

Bloomberg. (n.d.). Economic calendar - bloomberg. Bloomberg.com. https://www.bloomberg.com/markets/economic-calendar

US single-family housing starts, permits near two-year highs | Reuters. (n.d.). https://www.reuters.com/markets/us/us-single-family-housing-starts-soar-february-2024-03-19/