In March, US home construction slowed, with residential starts falling 14.7% to a 1.32 million annualized rate.
New US home construction slowed in March as interest rates leveled off, leading to a drop in housing demand and caution among builders. Residential starts fell 14.7% to a 1.32 million annualized rate, the lowest since August, according to government data. Building permits, a sign of future construction, also declined to a 1.46 million rate in March. Single-family home construction saw the most significant decrease in about three years, and multifamily starts reached the lowest level since the pandemic began. Permits for both single- and multifamily homes also dropped.
April 16, 2024
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