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According to the US Census Bureau, US housing construction starts declined 5.6% on a year-over-year (YoY) basis for July. You can see the declining trend since 2012.
Apartment (5+ unit) starts fell 22% YoY.
On a MoM basis, 1 unit starts declined only 0.47% in July while 5+ starts declined 17%.
1 unit starts (single family starts) have finally clawed their ways back to 1991 levels, despite the near zero Fed Funds target rate since late 2008.
You can see the slowdown in apartment construction starts (orange line) during 2017. Here is a closer look which shows the slowdown in apartment starts as The Fed merrily raises their target rate.
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