Housing Starts Decline in July on Supply Chain Challenges
Single-family starts decreased 4.5%, and the multi-family sector decreased 13.1%.
Supply chain and labor challenges helped to push overall housing starts down 7% to a seasonally adjusted annual rate of 1.53 million units, according to a report from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau. The July reading of 1.53 million starts is the number of housing units builders would begin if development kept this pace for the next 12 months.
Within this overall number, single-family starts decreased 4.5% to a 1.11 million seasonally adjusted annual rate. The multi-family sector, which includes apartment buildings and condos, decreased 13.1% to a 423,000 pace.