Goin’ Down! US Housing Starts Drop -6.3% YoY In June Thanks To Fed Tightening (1-Unit Starts Dropped -8% MoM, Multifamily Starts Soared 15% MoM)

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by confoundedinterest17

The US is goin’ down. At least in terms of housing supply growth.

The US is short on supply of housing for a myriad of reasons (high costs, Not-in-my-backyard (NIMBY) local zoning laws, etc), but The Fed’s cranking up interest rates isn’t helping.

US housing starts, a measure of supply, declined -6.3% YoY in June as The Fed cranked up rates.

1-unit (aka, single family detached) starts dropped -8.05% MoM in June while 5+ unit (aka, multifamily) starts rose 15% MoM.

1-unit permits dropped -8% MoM in June while 5+ unit starts were up 13% MoM.

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The reason? REAL weekly earnings growth declined -4.4% YoY in June thanks to Bidenflation.

I hope you are enjoying Biden’s anti-fossil fuel agenda since it is killing us.


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