U.S. new home construction fell 22.3% in March amid the spread of COVID-19 to a seasonally adjusted annual rate of 1.2 million units, according to www.cnbc.com.
Single-family starts fell 17.5% to 856,000 units, and multifamily starts decreased 32.1% to a rate of 347,000 units. Building permits fell 6.8% to a 1.353 million annualized rate.
The drop in housing starts was the worst monthly decline since the 1980s, when new home construction plunged 26.42% in March 1984. Additionally, a confidence index released April 15 by The National Association of Home Builders and Wells Fargo plunged 42 points in April to a reading of 30—the largest single monthly change in the history of the index; any reading below 50 signals a decline.
