US housing market cools down in September

US housing market cools down in September
US housing market

Significantly fewer new construction projects started in the USA in September than a year earlier.

(Foto: Bloomberg)

Washington The housing construction business in the USA slowed down significantly in September. The number of newly started projects fell by 8.1 percent to 1.439 million for the year as a whole, the Commerce Department said on Wednesday. In August it was 1.566 million, revised downwards. Economists polled by Reuters had only expected a decline to just 1.475 million for September. At the same time, the number of building permits rose – by 1.4 percent to an annualized 1.564 million.

The construction industry is concerned that mortgages are becoming more expensive as interest rates rise. The sharply increased prices for wood and building materials are causing additional cost pressure. The inflation rate was 8.2 percent in September. The US Federal Reserve has recently combated escalating inflation with unusually large interest rate hikes. She wants to follow up at the beginning of November. The key interest rate is currently in the range of 3.00 to 3.25 percent.

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