In the News – Big Dip in Multifamily Starts
Total housing starts posted a 9% drop in September due to a large decline in apartment construction. Following a few strong months this summer and a rising share of units under construction, multifamily starts were down almost 40% compared to August levels. Nonetheless, solid demand continues for rental and for-sale housing.
Lately, much of the good news is coming from the labor market, which continues to produce jobs. In September, job creation totaled a modest gain of 156,000 though the unemployment rate ticked up to 5%. The growth in the labor force, up to 444,000 in September, could help offset a rising number of job openings in sectors like construction.
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