Indicators
US Housing Starts Decline as Mortgage Rates Weigh on Demand
- New construction fell 8.1% in September to 1.44 million rate
- Single-family starts, building permits fall to two-year lows
Homebuilder sentiment has declined every month this year.
Photographer: Luke Sharrett/BloombergThis article is for subscribers only.
New US home construction declined in September and permit applications for single-family dwellings fell, adding to evidence that the highest mortgage rates in two decades are sapping demand and discouraging new builds.
Residential starts decreased 8.1% last month to a 1.44 million annualized rate, according to government data released Wednesday. Single-family homebuilding dropped to an annualized 892,000 rate, the slowest since May 2020. Construction of multifamily dwellings also declined.