Housing starts decline amid economic uncertainty - Floor Covering News

Housing starts decline amid economic uncertainty - Floor Covering News

Washington, D.C.—Constrained housing affordability conditions due to elevated interest rates, rising construction costs and labor shortages led to a reduction in housing production in March, according to the National Association of Home Builders (NAHB). Overall housing starts decreased 11.4% in March to a seasonally adjusted annual rate of 1.32 million units, according to a report from the U.S. Department of Housing and Urban Development and the…

New Housing Construction Slowed in March Amid Backdrop of Economic Uncertainty

New construction data from March shows a sharp turnaround from February’s brief spike in production. Interest rates and elevated labor and materials costs continue to hammer housing production, it seems, as builder confidence remains firmly in the negative and outlooks for the broader housing market slip into declines. March’s New Residential Construction Numbers Seem to Give Up February Gains Overall housing starts decreased 11.4% compared to F…