According to data released this Thursday by the Department of Housing and Urban Development in Washington, in December construction began on 1.38 million houses on annualized data adjusted for seasonal variations. That implies a drop of 21.8% With respect to same month of 2021.
Besides, applications for building permits fell 1.6% monthly Y 29.9% per year. These are 1.33 million permits, the lowest number since May 2020, in the first months of the coronavirus pandemic. For all this, the prospects for the coming months are not positive either.
Construction in the US: impact on other sectors of the economy
The real estate market weakness it can also generate spillovers in other sectors of the economy: the last government consumption reportpublished yesterday, showed a furniture sales drop for households of 2.5% per month last December, the largest decrease since the end of 2021. There was also a decrease of 5.6% in product sales electronics and accessories.
Besides, beyond the negative construction datathe US once again had a good indicator in the employment market. Additionally, requests for unemployment benefits in the United States they fell to the lowest level since last September, as stated today in another report by the Bureau of Labor Statistics of the Department of Labor.
Source: Ambito
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