New Development: Always a Good Sign?

Rodricks questions the traditional measure of growth in the economy: "Foreclosures continue, and many of the people who for a time owned a home have returned, perhaps permanently, to the ranks of renters. But we still look to new housing for evidence of recovery."

"The fact that homebuilders are getting busy again - and that we still use housing starts as a measure of progress - means we're not quite ready for the concepts of sustainability necessary to meet the realities of the 21st Century."