Home Construction Slumps as Supply Constraints Weigh on Production

Home Construction Slumps as Supply Constraints Weigh on Production
Residential homes are shown under construction in Valley Center, Calif., on June 3, 2021. Mike Blake/Reuters
Tom Ozimek
Updated:

Home construction fell sharply in July, adding to evidence that elevated construction costs and surging house prices continued to be a headwind for the housing market.

Housing starts fell 7 percent to a seasonally adjusted annual rate of 1.534 million units last month, according to a Commerce Department report (pdf). While this is the slowest pace since April, it remained 2.5 percent above the July 2020 figure.
Tom Ozimek
Tom Ozimek
Reporter
Tom Ozimek is a senior reporter for The Epoch Times. He has a broad background in journalism, deposit insurance, marketing and communications, and adult education.
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