U.S. housing starts drop 8.7% in February
The numbers: Construction on new homes, known as housing starts, fell almost 9% in February and remained well below year-ago levels, offering more evidence of a broad slowdown in the housing market that still isn’t showing much spark.
Single-family starts tumbled 17% in February to a 805,000 rate. Single-family homes account for most new construction. Big picture: Tumbling U.S. interest rates could bring more buyers into the market and spur builders to ramp up construction, but don’t expect a housing boomlet. Prices are still relatively high despite recent declines and builders face an array of obstacles, such as tighter regulations, the expensive cost of land and a shortage of labor made worse by a crackdown on immigration.
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