Our Residential Scheduling Coordinator Ben and Residential Project Coordinator Emily went on-site to test some new features of our field management app.
Housing Market Slowdown
Rising interest rates and supply chain disruptions have held down housing starts.
Rising interest rates along with supply chain issues and rising construction costs have held down construction starts recently. According to the U.S. Department of Housing and Urban Development, the number of new residential construction projects started in a specific time period fell by 14.4% in May. This is the lowest level of housing starts since April 2021.
Single-family starts have decreased by 9.2% while multifamily decreased by 23.7%. Not only are construction starts slowing down, but building permits are as well. Building permits for privately owned housing units dropped 7% since April 2021.
Rising interest rates have also caused a decreased in affordable housing. As the market weakens due to high interest rates and other cyclical factors, the housing market will continue to weaken and frustrate perspective builders and home buyers. Read more.