Residential Construction Starts Decline in Midwest Market
What happened
Residential construction activity showed significant declines in August, according to the latest residential construction report from HUD and the U.S. Census Bureau. The seasonally adjusted starts rate for buildings with five or more units was 344,000, marking a 15.5% year-over-year drop. Overall privately owned housing starts were 1.28 million, down 1.2% year-over-year.
From constructiondive.com
Why it matters
The decline was particularly pronounced in the multi-family sector, where project completions were down 35.7% year-over-year. While single-family starts were up 5.2% year-over-year, the overall trend signals a contraction in the housing market.
From constructiondive.com
Who's involved
Who could feel it
Possible knock-on effectsThese are possibilities Brind reasoned out, not predictions, and not advice. Most are not stated in any report.
- Milwaukee CountySpeculative
The regional housing slowdown could reduce local construction demand and property values across the county.