I believe expressing a state of isolation, numbness, loss, and/or depression. He is remembering that at one point things were ok, they were good. He is "building a still" (like a still life, a photograph, a picture in his mind's eye) to "slow down the time" in so that he doesn't face the pain of the present moment that is too much to handle, perhaps either in its numbness or its pain… perhaps even because staying in present pain would push him over the edge. The tension builds as the song goes on and the verses repeat. I find this very dynamic because he isn't explaining anything more, but in the tension rising you can only guess what he could be going through.