Housing Starts Sink Deeper

Housing starts to sink deeper than expected.

The commerce department has posted a record decline in housing starts Tuesday, May 19, 2020. Permits for future construction also tumbled, suggesting more uncertainty circulating in the construction community.

Housing starts fell 30.2% to a seasonally adjusted annual rate of 891,000 units last month, and permits for future home construction declined by 20.8%.

The decline was the largest percentage drop in history, and the lowest housing start numbers recorded since 2015.