Increased interest rates, building material supply chain bottlenecks and elevated construction costs continue to put a damper on the single-family housing market. For the first time since June 2020, both single-family starts and permits fell below a 1 million annual pace.
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Rising Interest Rates, Higher Construction Costs Slow Housing Production
Rising interest rates and ongoing building material supply chain disruptions that raise construction costs continue to act as significant headwinds on the housing market.
Read MoreSingle-Family Housing Starts Rise; Permits Mixed
Single-family starts showed continued growth in August but overall housing production fell 5.1% to a seasonally adjusted annual rate of 1.42 million units due to a double-digit percentage decline in multifamily production, according to a report from the U.S. Housing and Urban Development and Commerce Department. The pace of single-family starts in August was the highest production rate since February.
Read MoreJuly Housing Starts a Boost for Economy
In a further sign that housing continues to boost the economy, single-family and multifamily starts each posted solid gains in July, with total housing production up 22.6% to a seasonally adjusted annual rate of 1.50 million units, according to a report from the U.S. Housing and Urban Development and Commerce Department. This is the highest production rate since February.
Read MoreHousing Starts, Permits Increase in June
Led by solid single-family production, total housing starts increased 17.3% in June to a seasonally adjusted annual rate of 1.19 million units, according to a report from the U.S. Housing and Urban Development and Commerce Department.
Read MoreHousing Shows Strength as Sales and Permits Rise
Consistent with National Association of Home Builders’ (NAHB) forecast, home building data are showing signs of leading an emerging economic rebound. While risks to the outlook remain, particularly in the form of local, rising virus spread and ongoing layoffs, the recession appears to have taken a short and sharp downturn, according to Chief Economist Robert Dietz.
Read MoreHousing Starts, Permits Rise in May
In a sign that the housing market continues to show forward momentum, single-family permits posted an 11.9% gain in May, while total housing starts increased 4.3% to a seasonally adjusted annual rate of 974,000 units, according to a report from the U.S. Housing and Urban Development and Commerce Department.
Read MoreHousing Starts Dip, Permits Rise
Total housing starts decreased 3.6% in January from an upwardly revised December reading to a seasonally adjusted annual rate of 1.57 million units, according to a report from the U.S. Housing and Urban Development and Commerce Department. Meanwhile, overall permits surged to a 13-year high.
Read MoreSingle-Family Housing Starts Increase in November
Total housing starts increased 3.2% in November to a seasonally adjusted annual rate of 1.37 million units, according to a report from the U.S. Housing and Urban Development and Commerce Department.
Read MoreNation’s Governors Hear Promising Words on Infrastructure
More than half of the nation’s governors gathered in Washington, D.C., recently, and both President Trump and Vice President Pence mentioned their commitment to investing in infrastructure this year. They addressed funding and the need to base regulations for permits on sound science.
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