New US home construction slows as builders grapple with supply-chain headaches

Source: MarketWatch

“New home construction ebbed in October, but permitting activity continued at a steady clip, pointing to the challenges builders are facing in starting and completing projects. U.S. home builders started construction on homes at a seasonally-adjusted annual rate of 1.52 million in October, representing a 0.7% decrease from the previous month, the U.S. Census Bureau reported Wednesday. Compared with October 2020, housing starts were up 0.4%. The pace of permitting for new housing units increased in October, however. Permitting for new homes occurred at a seasonally-adjusted annual rate of 1.65 million, up 4% from September and 3.4% from a year ago. … Building materials are still harder to come by than they were before the COVID-19 pandemic, and labor shortages continue to plague the construction sector. Both these factors have hampered home builders’ ability to scale up the pace of construction.” (11/17/21)