XLRE - Housing Construction 'Boom' Ends Data Shows: How Are Real Estate Stocks Reacting? | Benzinga
Low-interest rates during the COVID-19 pandemic drove housing demand higher, incentivizing builders to start new projects. But now, higher rates are killing demand and construction is slowing down dramatically.
The number of new building permits for multi-unit residential buildings dropped to a three-year low in September, after reaching 40-year highs during the pandemic.
"The pandemic boom in U.S. multi-family housing construction appears to have come to an end,” Bloomberg reporter Matthew Boesler said, citing recent Census Bureau data.
The pandemic boom in U.S. multi-family housing construction appears to have come to an end. Census Bureau data out this ...