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Housing starts unexpectedly plummet to lowest level since 2020

Posted on AllSides September 19th, 2023
From The Right
David Paul Morris/Bloomberg via Getty Images / Getty Images

New U.S. home construction dropped in August to the lowest level since 2020, underscoring the ongoing challenges facing the housing market.

Housing starts tumbled 11.3% last month to an annual rate of 1.28 million units, according to new Commerce Department data released Tuesday. That is well below Refinitiv economists' forecast for a pace of 1.44 million units.

Applications to build – which measures future construction – saw an uptick in August, climbing 6.9% over the course of the month to an annualized rate of 1.54 million units. Compared with the...

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