1srelluc
Diamond Member
OK, so who did not see this coming?
I'd be lyin' if I said I wasn't sort of glad in a way if it means fewer liberal Yankee transplants moving into my AO.
New construction of single-family homes fell sharply and unexpectedly in January as homebuilders struggled with huge costs increases, data from the Department of Commerce showed Thursday.
Single-family home starts dropped 5.6 percent in January compared with the prior month, exasperating a shortage of houses that has sent home prices soaring. U.S. homebuilders started new single-family projects at a seasonally adjusted, annualized rate of 1.116 million units, 2.4 percent below the rate of construction a year ago.
Multifamily construction declined as well, falling to an annual rate of 510,000, 2.1 percent below December’s rate. Construction of apartment or condo buildings with five units or more is up 8.7 percent from a year ago when urban construction was still struggling under the weight of the pandemic.
Homebuilders have been hit hard by inflation. Construction machinery and equipment prices are up 11.4 percent compared with a year ago, according to the Department of Labor’s Producer Price Index. Softwood lumber prices are up 20.1 percent over the past 12 months. The index that tracks nails is up a striking 44 percent. Plumbing fixtures are up 7.4 percent. Bolts, nuts, screws, and rivets are up 16.5 percent. Air conditioning is up 18.7 percent.
New Home Construction Unexpectedly Plunges as Bidenflation Pushes Costs Through The Roof
I'd be lyin' if I said I wasn't sort of glad in a way if it means fewer liberal Yankee transplants moving into my AO.
New construction of single-family homes fell sharply and unexpectedly in January as homebuilders struggled with huge costs increases, data from the Department of Commerce showed Thursday.
Single-family home starts dropped 5.6 percent in January compared with the prior month, exasperating a shortage of houses that has sent home prices soaring. U.S. homebuilders started new single-family projects at a seasonally adjusted, annualized rate of 1.116 million units, 2.4 percent below the rate of construction a year ago.
Multifamily construction declined as well, falling to an annual rate of 510,000, 2.1 percent below December’s rate. Construction of apartment or condo buildings with five units or more is up 8.7 percent from a year ago when urban construction was still struggling under the weight of the pandemic.
Homebuilders have been hit hard by inflation. Construction machinery and equipment prices are up 11.4 percent compared with a year ago, according to the Department of Labor’s Producer Price Index. Softwood lumber prices are up 20.1 percent over the past 12 months. The index that tracks nails is up a striking 44 percent. Plumbing fixtures are up 7.4 percent. Bolts, nuts, screws, and rivets are up 16.5 percent. Air conditioning is up 18.7 percent.
New Home Construction Unexpectedly Plunges as Bidenflation Pushes Costs Through The Roof