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HOUSING STARTS AT HIGHEST LEVEL SINCE 2006. LUMBER AT NEW RECORD HIGH
Housing starts for March beat expectations rocketing to 1.739 Million beating estimates
US Housing Starts Highest Since 2006
US housing starts shot up 19.4% to 1.739 million in March. This is the highest level since June 2006 and well above analysts estimates of 1.613 million.The housing market has gained strength the last year due to low interest rates and increased population shift swaying from cities due to the coronavirus crisis. Rising lumber prices amid supply constraints could limit production and ease a shortage of homes. Shakeups in supply chains and vessel traffic have continued to compound costs for construction projects as well.
As reported by Bylt on April 1, 2021 U.S.A. has an affordable housing shortage.
The US has a shortage of 6.8 million affordable housing units for extremely low-income renters, according to the 2021 Gap Report from the National Low Income Housing Coalition (NLIHC). In the report, an extremely low-income household is one below the poverty line, or below 30% of the median area income.
- For every 100 renter households that meet this description, there are only 37 affordable homes available in the US.
- The situation is even more challenging in metropolitan areas, where the availability of affordable housing is as low as 16 units for every 100 renter households.