US home building plummets 30.2%
The Commerce Department said Tuesday that groundbreakings plummeted 30.2% last month to a seasonally adjusted annual rate of 891,000. That is the lowest level since February 2015. Construction of single-family dropped 25.4% to an annual rate of 650,000.
Housing starts dropped 43.6% in the Northeast, 14.9% in the Midwest, 26% in the South and 43.4% in the West.
Commerce reported a 8.1% drop in the completion of homes under construction, which means many are being left partially built.
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