US Home Construction Plummets 14.8% Amid Winter Chill

The construction of new homes in the US plummeted 14.8% in January as builders scaled back, citing wintry weather as a contributing factor. This represents the lowest level since August 2023. Both single-family and multi-family construction were impacted, although builders remain optimistic about future sales. Building permits also decreased, indicating a potential slowdown in future construction. Despite these challenges, the persistent shortage of previously owned homes could benefit builders.