Residential housing starts fell 12.3% in June.

U.S. new-home groundbreaking and permits fell in June to the slowest pace in nine months, as higher mortgage rates and elevated costs for labor and materials pinch the housing market, government figures showed Wednesday.

Residential starts fell 12.3% to a 1.17m annualized rate (est. 1.32m) after downwardly revised 1.34m pace in prior month; biggest drop since Nov. 2016. Single-family home starts dropped 9.1%; multifamily starts dropped 19.8%. Permits, a proxy for future construction of all types of homes, fell 2.2% to 1.27m rate (est. 1.33m) after unrevised 1.3m pace. While the data are volatile and often subject to significant revisions, the report may spark concern that the housing market is slowing even more than previously thought amid constraints for both buyers and developers.

Complete your profile to continue reading and get FREE access to, part of your ALM digital membership.

Your access to unlimited content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including and

Already have an account?

Dig Deeper


Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2023 ALM Global, LLC. All Rights Reserved.