New US Home Construction Falls to Slowest Pace Since May 2020
- July starts dropped to 1.2 million rate, below all estimates
- Big decline in the South may have reflected Beryl impact
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New-home construction in the US fell in July to the lowest level since the aftermath of the pandemic as builders respond to weak demand that’s keeping inventory levels high.
Total housing starts decreased 6.8% to a 1.2 million annualized rate last month, dragged down the biggest decline in single-family units since April 2020, according to government data released Friday. A sizable decline in the South may have reflected the impact of Hurricane Beryl.