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The number of new housing starts in the United States in April was lower than expected. Supply chain and raw material factors put pressure on the construction industry

The number of new housing starts in the United States in April was lower than expected. Supply chain and raw material factors put pressure on the construction industry
Housing starts in the United States fell more than expected in April, indicating that supply chain constraints and rising raw material costs continue to drag down builders. According to official data released on Tuesday, new housing starts fell 9.5% in April to an annual rate of 1.57 million units. The median expectation of economists polled by Bloomberg is 1.7 million units. In recent months, the construction industry has been under pressure due to supply chain problems and higher costs of raw materials, especially timber. However, strong demand for residential properties, boosted by lower borrowing costs, is expected to boost the property market in the coming months. According to the data, the number of houses authorized for construction but not yet started has risen by 5% month on month, and the backlog has further increased. Construction applications, a measure of future construction, increased by 0.3% to an annual rate of 1.76 million units, exceeding the number of new housing starts“

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