Construction of New Homes Declines 6.5% in May
Construction of new houses across the country dropped 6.5% in May to an annual rate of 1.01 million units, according to a report from the Department of Commerce. Declines have been seen in the construction of single-family and multifamily houses as potential buyers struggle with higher mortgage rates, while builders grapple with a shortage of workers and land. From NRCA Trenton H. Cotney Florida Bar Certified Construction Lawyer Trent Cotney, P.A. 407 North Howard Avenue Suite 100 Tampa, FL 33606 www.trentcotney.com