Come feel the noise! After steady growth in 1-unit housing starts under Trump, housing starts have been eratic under Biden despite the foreign invasion force of millions … of low wage workers.
For context, this is the largest MoM drop in housing starts since the COVID lockdowns…
It was a bloodbath across the board with Rental Unit Starts plummeting 20.8% MoM…
That pushed total multi-family starts SAAR down to its lowest since COVID lockdowns…
The plunge in permits was less dramatic and driven completely by single-family permits down 5.7% to 973K SAAR, from 1.032MM, this is the lowest since October. Multi-family permits flat at 433K
Intriguingly, while starts and completions plunged in March, the BLS believes that construction jobs surged to a new record high…
Finally, just what will homebuilders do now that expectations for 2024 rate-cuts have collapsed?
One thing is for sure – do not trust what homebuilders ‘say’ (as NAHB confidence jumped to its highest since May 2022 at the same time as housing starts crashed)…
If they build them, will homebuyers come?
You must be logged in to post a comment.