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U.S. Housing Starts Falter

Benzinga

713 Views • Oct 19, 2021

Description

Homebuilding in the U.S. faltered last month as a labor shortage gripped the industry. Housing starts fell 1.6% in September according to the Department of Commerce. Permits for new construction also dropped, falling 7.7% last month. Economists and analysts believed housing starts would rise over the same period. Lumber prices have fallen over the past few months, but supply shortages are slowing the industry. From breaker boxes to windows, builders cannot get everything they need in a timely manner. Freddie Mac also notes that high inflation is causing mortgage rates to rise, up to an average of 3.05% from 2.99% the week before.

Keywords & Tags

#finance #covid #vaccine #COVID-19 #inflation #business #pandemic #analysts #supply shortages #labor shortage #economic recovery #vaccination #economists #lumber prices #economic growth #real estate market #U.S. Housing #Homebuilding #Department of Commerce #Freddie Mac #mortgage rates

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