We know that formation though still depressed is running well ahead of net construction.

FORBES: Housing in 2013

However, as fundamentals go the keys, as always, are household formation, net construction and vacant homes.

FORBES: Housing in 2013

Since 2003, housing-related industries have accounted for only 4% of the 7 million in net new jobs (including residential construction, mortgage brokers and Realtors).

FORBES: Malpass: 'Sturdy, Not Fragile'

Three billionaires in Spain fell off the list that way, and the net worths of six other Spaniards involved in construction and real estate got pummeled.

FORBES

In particular, in the construction sector, investors have switched from being net sellers to net buyers and the selling in the metals and mining sector that hit a four-year peak in May has eased.

FORBES: Corporations Are Buying European Stocks

New construction has produced a glut of homes, and net rental yields (after maintenance and letting costs) have been driven down to 2%, far below the 7% mortgage rate.

ECONOMIST: Are Australia's economic batteries running low?

Private residential construction companies, including remodelers, posted an adjusted net profit margin of nearly 4 percent in 2011, following flat margins in 2010 and -1 percent margins in 2009, Sageworks data shows.

FORBES: Residential builders see improved profitability

Construction supplies retail and wholesale store Fastenal posted third quarter earnings before the bell on Thursday, growing net income 29% and sales 20% on an expanded store-count and continued demand for their products.

FORBES: Fastenal's Earnings Growth Shows Construction Still Has A Pulse