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US Housing starts to witness a double-digit decline in 2023
Posted on December 5, 2022 |
- The US is already in a recession due to declines in housing starts, permits, new home sales, and existing home sales as 17% to 25% of the country's economy is driven by housing and its offshoots, such as furniture.
- The total housing starts fell by 4.2% in October as single-family starts dropped by 6.1% compared to the prior month, it is a different case for multifamily construction.
- The October rate for units in buildings with 5 units or more grew by 17.3% to 556,000 compared to the year-ago, which almost broke the revised September rate of 559,000.
- Under present conditions, new home completions are outrun housing starts by 12,000 per month which causes industry job losses of 10,000 to 20,000 employees in the ranks of single-family home builders.
- Although, multifamily construction remains strong, which is unexpected and there are 928,000 apartments currently under construction which is the highest rate since 1974.