GREY:NEVDQ - Post by User
Post by
bogfiton Mar 17, 2021 11:51am
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Post# 32816568
Who saw this coming?
Who saw this coming? "... construction in the housing sector slows for the second consecutive month.
The red hot U.S. housing market appears to be cooling as the market sees less construction and permits in February. Housing starts dropped 10% to a seasonally adjusted annual rate of 1.42 million units last month, the Commerce Department said Wednesday. The data significantly missed expectations as consensus estimates called for an annual rate of 1.56 million homes.
For the year housing construction is down 9%, the report said.
Building permits issue in February also does not bode well for future growth in the housing market. The report said that permits for new construction declined nearly 11% in February to 1.68 million. Economists were expecting to see 1.74 million permits issued.
Some economists have noted that some of the weakness in the housing construction sector could be due to cold weather in February. However, other economists note that rising lumber prices could also be dragging down new construction."
Gold price under pressure ignores 10% decline in U.S. housing construction | Kitco News
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