Housing Starts Drop Most Since Pandemic’s Start, Defying Expectations

Wednesday, April 17, 2024

Total Starts Fell at the Fastest Monthly Pace Since April 2020, Data Shows

Single-family homebuilding starts saw the largest monthly decline in nearly three years as overall starts had the biggest drop since the start of the pandemic, both defying Wall Street’s expectations.

Builders began work on 12.4% fewer single-family homes in March than in February, when construction surged, according to data released Tuesday by the Census Bureau. That's the largest monthly decrease since April 2021, when single-family starts fell nearly 15%.

Multifamily construction for buildings with five or more units came in lower too, clocking a 20.8% drop from the previous month.

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JT Capital Real Estate © 2024

JT Capital Real Estate © 2024

JT Capital Real Estate © 2024