US Housing Starts, Permits Fall on Slide in Single-Family Homes
- Total new construction slips 0.5%, marking third-straight drop
- Permit applications for one-family homes lowest since May 2020
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New US home construction continued to decline in November and permits plunged as high borrowing costs paired with widespread inflation eroded housing affordability and demand.
Residential starts decreased 0.5% last month to a 1.43 million annualized rate, according to government data released Tuesday. Single-family homebuilding dropped to an annualized 828,000 rate, the lowest since May 2020.