Judging from the further decline in permits last month, additional cutbacks in construction are likely. It appears that the correction in the housing market has further to go. For the better part of the past two years, the trouble in the housing market was contained; however, over the past several months, the weakness appears to have spread to other sectors of the economy.
However, the cost of addressing these changes is but a fraction of the cost that we would have to pay, if we allow climate change to continue unabated, without taking any preventive action.