US Housing starts to witness a double-digit decline in 2023

The US is already in a recession due to declines in housing starts, permits, new home sales, and existing home sales as 17% to 25% of the country's economy is driven by housing and its offshoots, such as furniture.
The total housing starts fell by 4.2% in October as single-family starts dropped by 6.1% compared to the prior month, it is a different case for multifamily construction.
The October rate for units in buildings with 5 units or more grew by 17.3% to 556,000 compared to the year-ago, which almost broke the revised September rate of 559,000.
Under present conditions, new home completions are outrun housing starts by 12,000 per month which causes industry job losses of 10,000 to 20,000 employees in the ranks of single-family home builders.
Although, multifamily construction remains strong, which is unexpected and there are 928,000 apartments currently under construction which is the highest rate since 1974.

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