There's still no cause for exuberance in the residential construction market, but some signs that the market may be firming up have been rolling in. For example, housing inventory nationwide continues to decline and prices are showing signs of stability, both good signals for a potential increase in construction.

In a report showing an increase of 5.6 percent in existing-home sales in November from October levels, the National Association of Realtors said the total housing inventory at the end of November fell four percent to 3.71 million existing homes available for sale, a 9.5-month supply at the current pace of sales and a decrease from the 10.5-month supply reported in October.

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