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【World Property Journal】U.S. Construction Industry Faces Significant Headwinds From Coronavirus

【World Property Journal】U.S. Construction Industry Faces Significant Headwinds From Coronavirus

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Based on a new report from the U.S. Housing and Urban Development and Commerce Department, total housing starts decreased 1.5 percent in February 2020 from an upwardly revised January reading to a seasonally adjusted annual rate of 1.60 million units. Meanwhile, overall permits declined 5.5 percent to 1.46 million.

The February reading of 1.60 million starts is the number of housing units builders would begin if they kept this pace for the next 12 months. Within this overall number, single-family starts increased 6.7 percent to a 1.07 million seasonally adjusted annual rate, the highest level since June 2007. The multifamily sector, which includes apartment buildings and condos, decreased 14.9 percent to a 527,000 pace.

"Housing starts were strong at the outset of 2020, as builders started production of homes to meet consumer demand at the beginning of the year," said Dean Mon, chairman of the National Association of Home Builders. "While these are solid numbers, the report is backward looking. Challenges lie ahead due to broad economic weakening stemming from the coronavirus crisis."
 

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