The take-off rate for homebuilding in the U.S. dropped by 1.6%, as supply chain constraints and labor shortages continued to hamper the market where demand remained high.
Source: U.S. Department of Commerce
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Housing starts in the United States decreased by 1.6% in September compared to the previous month’s revised level to stand at a seasonally adjusted annual rate of 1,555,000, below the analyst’s estimates.
Privately-owned housing completions stood at a seasonally adjusted annual rate of 1,240,000, a decline of 4.6% month-on-month and 13.0% year-on-year. Labor shortages have worsened as many people are still not returning to full-time work.
Privately-owned housing units with building permits plunged by 7.7% to stand at 1,589,000 compared to August 2020’s revised level and almost the same as September 2020’s level.
Historically, housing starts have dropped from their most recent high of 1.72 million in March that was a 14.5 years record high.