SILVER SPRING, Md. (AP) — U.S. home construction fell 1.6% in September as builders continue to be tripped up by supply chain bottlenecks.
The Commerce Department reported Tuesday that the decline in September left home construction at a seasonally adjusted annual rate of 1.56 million units, 7.4% above the rate one year ago. August’s number was revised upward to 1.72 million from 1.62 million.
Applications for building permits, a barometer of future activity, declined 7.7% from August to 1.59 million, but is virtually unchanged from September 2020.