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.
See also Housing Affordability is now worse than it was during the early stages of the 2008 housing bubble
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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