Amid the pandemic, housing has been one area of the economy that has been doing relatively well as reflected by a rise in both builder confidence and housing starts.
But housing construction has lagged demand in the years since the Great Recession, with single-family housing starts in particular declining in the last decade despite a continuously growing population.
Home construction and sales have quickly rebounded after being slammed by the economic turmoil caused by the pandemic in the spring. New privately-owned housing starts rose for three-straight months before declining by 5.1% in August from July’s revised figure of 1.492 million.
A large monthly decline in starts for multi-family units, like apartments, contributed to the overall decline. Single-family starts also rose by 4.1% in August to 1.021 million,