Significance of the Building Permit Figure
Because receiving a Building Permit is the first step in the construction process, the figure is used as the earliest indicator for developments in the housing market. Additionally, due to the high outlays needed to begin construction projects, an increase in Building Permits implies an increase in investment and corporate optimism. Finally, the figure gives insight into consumer activity, since new home purchases are associated with an increase in sales of "big ticket" durable goods.

Given such connections to consumer and corporate sentiment, real estate often leads broader economic developments - thriving at the start of a boom and waning at the onset of recession - though the correlation is never absolute.

Some Caveats
Countries may also define "housing" differently report to report and some may place differing emphasis on what type of building is being built. For example, residential housing may be focused more heavily on than government and commercial buildings.

Read More On the Housing Market

Building Permits - United States | Building Permits - New Zealand | Building Permits - Canada | Building Approvals - Australia