Demands for the housing sector have slowly been decreasing and in July it was the lowest it has ever been since 2011. After peaking to 90 on the Builders confidence it fell down to 75 in August. Shortages from materials forced home builders to be much more specific on their projects. Inflation and COVID were also big players in the reason why the big drop happened. Attitudes towards buying bigger purchases has also decreased since the beginning of the year. Recently, multifamily housing has been on a rebound and will grow as the years go by.
- Housing numbers have fallen in recent months, though the dip was predicted.
- However, home builders are still increasing, and the pace looks good for the future.
- While single-family homes have taken a hit, housing starts for multi-family homes look better.
“July’s drop in U.S. housing starts outstripped forecast declines as consumer sentiment toward financed purchases faded to the lowest level since 2011. Of course, connection between those two economic measures is not direct, but the coincidence is interesting.”
Read more: https://www.forconstructionpros.com/economics/news/21626920/housing-starts-startling-july-dive-coincides-with-consumer-sentiment-fading-to-a-10year-low