Housing starts haven't ben this low in nine months, according to new data released by the U.S. Department of Commerce.
Lucia Mutikani reports that U.S. housing starts and permits are declining as the construction industry reacts to growing expenses in building supply and ongoing shortages of land and labor.
"Housing starts tumbled 12.3 percent to a seasonally adjusted annual rate of 1.173 million units last month, the lowest level since September 2017," according to Commerce Department data cited by Mutikani.
Neither builders nor buyers can keep up pressure on surging prices, according to experts cited in the article. Inputs are increasingly expensive on the supply side and prices are outpacing wages on the demand side.
Read the full story: U.S. housing starts hit nine-month low; permits drop
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