Despite the second straight monthly increase in single-family housing starts, economists expected that residential investment was a small drag or had a neutral impact on third-quarter economic growth
U.S. single-family homebuilding surged to a five-month high in September, but permits for future construction rose only marginally amid excess supply of new homes on the market and prospective buyers holding out for lower mortgage rates.
“Residential construction activity is not helping the economy grow at its potential rate,” said Carl Weinberg, chief economist at High Frequency Economics. Starts for this segment rose 6.6 per cent in the densely populated South and jumped 10.6 per cent in the Northeast. But they fell 10.4 per cent in the Midwest, which is considered the most affordable region, and dropped 2.3 per cent in the West.
Homebuilding could suffer a temporary setback from the impact of Hurricanes Helene and Milton, which devastated Florida and large areas of the U.S. Southeast in late September and early October. But rebuilding after the hurricanes could provide a lift for homebuilding.
Rate Market Homebuilding Units Unit Housing Building High Frequency Economics Milton National Association Of Home Builders
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