U.S. housing starts fell 12.4% in July, the weakest reading since November 2022, weighed down by a drop in multifamily groundbreakings. Builder sentiment has been negative for 28 consecutive months as elevated mortgage rates, rising material costs and economic uncertainty make it harder to deliver homes at prices buyers can afford. The one bright spot was single-family permits, which rose 2.5% from June, suggesting some future construction momentum.
Read more: https://www.orionprop.com/topfive/apartment-development-slowdown-weighs-on-us-housing-starts/
