Economic Buzz: US Housing Starts Continue To Decline In June

20 Jul 2022 , 09:05 AM

After reporting a steep drop in new residential construction in the U.S. in the previous month, the Commerce Department released a report showing a continued decline in housing starts in the month of June. Housing starts slumped by 2.0 percent to an annual rate of 1.559 million after plunging by 11.9 percent to a revised rate of 1.591 million in May. Housing starts continued to fall as an 8.1 percent nosedive in single-family starts more than offset a 10.3 percent spike in multi-family starts. The report showed building permits also fell by 0.6 percent to an annual rate of 1.685 million in June after tumbling by 7.0 percent to a rate of 1.695 million in May. Powered by Commodity Insights