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New housing development declines in USA, demand remain stable

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New housing development declines in USA, demand remain stable

Construction of new housing in the USA was dropping in August more than experts forecast amid the slowdown in building activity, Reuters reports on Tuesday.


Meanwhile, demand for housing remained at the same level.

According to the Commerce Department, groundbreaking reduced by 5.8%. The number of issued permits for future construction reduced by 0.4%, whereas permits for single-family homes, which accounts for the largest segment of the market, grew by 3.7%.

Last month's decline in starts was just below their second-quarter average, but economists expect that residential construction will encourage economic growth in the 3rd quarter.

Demand for housing is caused by a tightening labor market triggering growing wages.

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