macro
US New Home Construction Declines Nearly 10% in July
Construction of new homes in the United States fell sharply in July, reaching levels not seen since late 2022, primarily affecting single-family home projects.
AS1 News
In July, the volume of new construction projects in the United States decreased by 12.4% month-over-month and 13.5% year-over-year, marking the lowest levels since November 2022. The decline was particularly pronounced in the single-family home segment, which experienced a 15.7% annual decrease. High mortgage rates and reduced housing demand are contributing to the slowdown in the construction industry. Despite this, industrial production continues to grow, indicating a divergence between the housing sector and broader manufacturing activity. This disparity underscores the complex macroeconomic environment affecting different sectors of the economy.
The decline in new home construction reflects ongoing challenges in the housing sector, potentially influencing related industries and economic growth.