US housing starts fall for a third month, building permits drop
Add BT as a preferred source
NEW US home construction continued to decline in November and permits plunged as high borrowing costs paired with widespread inflation eroded housing affordability and demand.
Residential starts decreased 0.5 per cent last month to a 1.43 million annualised rate, according to government data released on Tuesday (Dec 20). Single-family homebuilding dropped to an annualised 828,000 rate, the lowest since May 2020.
Applications to build, a proxy for future construction, decreased 11.2 per cent to an annualised 1.34 million units. Permits for construction of one-family homes fell 7.1 per cent to the lowest since May 2020.
The median estimates in a Bloomberg survey of economists called for a 1.4 million pace of residential starts and 1.48 million pace for total permits. BLOOMBERG
Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.
Share with us your feedback on BT's products and services
