The following is NAR Chief Economist Lawrence Yun’s reaction to this morning’s U.S. Commerce Department release on residential construction in August.
“Following August’s decline in new home construction, there will no doubt be a further temporary setback to housing starts in upcoming months due to the impacts of Hurricanes Harvey and Irma on Texas and Florida, respectively. The shortage of labor in construction will further intensify as more workers concentrate on rebuilding rather than on new construction. The nation’s housing shortage unfortunately looks to be with us well into the next year.”
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