US Housing Starts Drop to Lowest Since 2020 While Permits Rise
- Multifamily starts plunged to lowest since onset of pandemic
- Single-family permits accelerated to fastest pace since 2022
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New US home construction dropped in August to the lowest level since June 2020, highlighting the toll of declining housing affordability.
Residential starts decreased 11.3% last month to a 1.28 million annualized rate, according to government data released Tuesday. The drop was largely driven by a sharp decline in multifamily construction.