US Housing Starts Rise Unexpectedly Though Building Permits Drop

September 26, 2022
Augusta Saraiva - Bloomberg

New US home construction rose unexpectedly in August, though the slowest pace of building permits in more than two years underscores how higher mortgage rates are weighing on demand.

Residential starts increased 12.2% last month to a 1.58 million annualized rate, led by a jump in multifamily projects, according to government data released Tuesday. The pace of starts topped all estimates in a Bloomberg survey of economists.

Applications to build, a proxy for future construction, declined to an annualized 1.52 million units, the fewest since June 2020.



714.701.9180

Arrange No Cost Consultation

 

Construction Defect Journal is aggregated from a variety of news sources, article submissions, contributors, and information from industry professionals.

No content on this site should be construed as legal advice or expert opinion. By viewing this site you agree to be bound by its terms and conditions

 

Copyright 2023 - Construction Defect Journal – All Rights Reserved