In a significant setback for the U.S. housing market, new-home construction has fallen to its lowest level since May 2020, a time when the COVID-19 pandemic brought much of the economy to a halt. The U.S. Department of Housing and Urban Development and the U.S. Census Bureau reported a 6.8% decline in housing starts in July, bringing the seasonally adjusted annual rate to 1.24 million units. This drop was driven primarily by a sharp decline in single-family home construction, which plummeted 14.1% from June’s revised . . .
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