Single-Family Housing Starts Drop as Construction Delays Mount
Homebuilders slowed the construction of new single-family homes in March as interest rates jumped, materials prices climbed, and construction delays continued.
Builders broke ground on new single-family home construction at a rate of 1,200,000, 1.7 percent below the revised February figure of 1,221,000, data from the Commerce Department’s Census Bureau showed Tuesday. Compared with a year ago, single-family starts are down 4.4 percent.
Permits for single-family construction fell by a sharp 4.8 percent in March compared with the prior month. Compared with March of last year, permits are down 3.9 percent.
The number of single-family properties under construction but not yet completed continued to climb, reaching 811,000, the most since 2006. The backlog is likely due to a shortage of materials and difficulties builders have had hiring workers. In February, there were 381,000 job openings in construction, near record highs. – READ MORE
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