US single-family home construction plunged to a 2-1/2-year low in November and future building permits fell as higher mortgage rates continued to depress housing market activity.
Single-family home starts, which account for the bulk of home construction, fell 4.1% to a seasonally adjusted annual rate of 828,000 units last month. The level was the lowest since May 2020, when the economy was reeling from the first wave of the Covid-19 pandemic.
“The Fed’s rate hikes do what they’re supposed to do, further deepening the recession in residential homebuilding markets,” said Christopher Rupkey, chief economist at FWDBONDS in New York.
Starts for housing projects with five or more units increased 4.8% to 584,000, the highest level since April.
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