Economics
US Housing Starts Decline to Lowest Level in More Than a Year
- May construction fell to 1.55 million pace after April surge
- Builder backlogs remain elevated even as sales decrease
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New US home construction dropped in May, highlighting the impacts of ongoing supply chain challenges and sinking sales as mortgage rates rise.
Residential starts declined 14.4% last month to a 1.55 million annualized rate, the lowest in more than a year, according to government data released Thursday. The median forecast called for a 1.69 million pace. April construction was revised sharply higher to a 1.81 million rate, which was the strongest since 2006.