Labor, building material shortages depress U.S. single-family housing starts

The report from the Commerce Department on Tuesday also showed the number of houses authorized for construction but not yet started raced to a record high last month, a sign of reluctance by builders to take on new projects.

As a result, overall housing starts advanced 3.9% to a rate of 1.615 million units in August. Data for July was revised up to a rate of 1.554 million units from the previously reported 1.534 million units. Economists polled by Reuters had forecast starts would rebound to a rate of 1.555 million units. Housing starts jumped 17.4% compared to August 2020.

Starts for buildings with five units or more soared 21.6% to a rate of 530,000 units last month, the highest level since January 2020. The multi-family housing segment is being boosted by demand for rentals as COVID-19 vaccinations allow companies to recall workers to offices in city centers. Stocks on Wall Street rose as investors weighed the risk of contagion from debt-saddled Chinese developer Evergrande. The dollarSTRONG RENTAL DEMAND

Supposedly there's a shortage of housing in CA. I'd argue there isn't the problem in CA is AFFORDABILITY. Our weather drives the prices up. The infrastructure can't support much more new housing when taking into consideration where they need to build to be 'AFFORDABLE'. So?

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