New US Home Construction Plunges to Slowest Pace Since June 2020
- Home starts slid to 1.28 million, below all but one estimate
- Decline in building permits point to softer construction ahead
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New home construction in the US slumped in May to the slowest pace in four years, as higher-for-longer interest rates sap the housing industry’s momentum from earlier this year.
Housing starts decreased 5.5% to a 1.28 million annualized rate last month, according to government data released Thursday. The figure was below all but one estimate in a Bloomberg survey of economists.