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U.S. Housing Starts Plunge by Most Since 2016 to Nine-Month Low

The report may spark concern that the housing market is slowing even more than previously thought.

By Katia Dmitrieva | Updated on July 18, 2018
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.

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