![Housing starts drop in September](https://www.strata-gee.com/wp-content/uploads/2022/05/new_home_construction_22.jpg)
The latest data released by the U.S. Census Bureau and the U.S. Department of Housing and Urban Development jointly show that housing starts – a measure of residential construction activity – continue its downward spiral, dropping in September to a rate of 1.4 million units, below economists’ forecast. Single-family housing starts hit their lowest level in more than two years as a slowing economy and sky-high mortgage rates depress demand for housing.