Housing starts failed to make any progress in August, dropping by 0.8% m/m. Admittedly, the decline was driven by the volatile multifamily sector. But the building permit data also show that single-family construction has stalled since the end of last year. Given how tight market conditions are, that is disappointing. Labour, lot and material shortages may explain the lacklustre performance. And the repair work needed after Hurricanes Harvey and Irma will only make those shortages worse.
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