U.S. housing starts fell 4.0% in July, driven by a decline in the construction of apartment buildings.
The pace of U.S. home construction fell a sharp 4% in July despite strong demand from would-be buyers, held back by a shortage of skilled labor and affordable land.
The construction slowdown, which has persisted all year, is thwarting prospective homebuyers. The solid job market and falling mortgage rates have boosted interest among people seeking homes, yet the shortage of available homes and rising prices have dampened sales. The slowdown in construction, which in turn contributes to the scarcity of available housing, may contribute to a weakening of the overall economy.
"A dearth of cheap lots and persistent labor shortages are constraining builders, especially for homes costing less than $300,000, which have the greatest demand," Frick said.
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