SLIPPING STARTS

Housing starts continued falling in June, dropping 0.5% Y-o-Y from 6/24’s already depressed level and are at their worst June level (outside Covid) since 2019. Making matters worse, single-family activity fell 4.6% M-o-M, after falling 2.3% in May and is down 10% Y-o-Y. This matters because single-family starts contribute much more to GDP and employment than multifamily starts due to single-family units being significantly larger and costing more, excluding land.