Inventories will be rebuilt for some months to come and that will bolster economic growth.

Any way you slice it, the report suggests homebuilding is holding up quite well, and it will continue to be strong until we see a significant rise in mortgage rates. There's no evidence that a peak has been reached in the housing market.

The strength across all labor-market indicators does suggest the Fed will likely raise rates in March.

There are significant building improvements that will need to be made to accommodate the growth at the school. With the use of some creative strategies that can be implemented right away, we could eliminate some construction if we do the study sooner rather than later.

They are likely to acknowledge the firmer data since the January meeting.

The change from 'likely' to 'may be' takes away any strong signal they'll be raising rates.