Disclaimer: The information provided on the Timber Exchange Market Data Hub is sourced from a variety of publicly available data sources and confidential sources that have not been independently verified. Timber Exchange is not responsible for any expenses, damages, losses, or costs incurred as a result of using or relying on the information provided on this site. By using the Timber Exchange Market Data Hub, you agree to use the information at your own risk and acknowledge that any decisions made based on the information provided are done so solely at your own risk.

US housing production dips due to growing interest rates and construction costs

Posted on June 20, 2022 |

In May, overall housing starts dropped by 14.4% to a seasonally adjusted annual rate of 1.55 million units compared to the previous month and single-family starts fell by 9.2% to a seasonally adjusted annual rate of 1.05 million.

Single-family home building is stalling due to an increase in interest rates and construction costs, with residential construction materials growing by 19% from a year ago.

Combined single-family and multifamily starts grew annually by 2.1% in the Northeast, 1.2% in the Midwest, 12.9% in the South, and 4.3% in the West.

In May, overall permits fell by 7.0% to an annualized rate of 1.70 million units, single-family permits fell by 5.5% to a 1.05 million unit rate, and multifamily permits dropped by 9.4% to 647,000 units.

Regionally, permits are down 8.3% in the Northeast but grew by 5.2% in the Midwest, 4.6% in the South, and 1.6% in the West.

Previous Next