Housing starts failed to make any progress in August, dropping by 0.8% m/m. Admittedly, the decline was driven by the volatile multifamily sector. But the building permit data also show that single-family construction has stalled since the end of last year. Given how tight market conditions are, that is disappointing. Labour, lot and material shortages may explain the lacklustre performance. And the repair work needed after Hurricanes Harvey and Irma will only make those shortages worse.
Become a client to read more
This is premium content that requires an active Capital Economics subscription to view.
Already have an account?
You may already have access to this premium content as part of a paid subscription.
Sign in to read the content in full or get details of how you can access it
Register for free
Sign up for a free account to:
- Unlock additional content
- Register for Capital Economics events
- Receive email updates and economist-curated newsletters
- Request a free trial of our services