According to the New York Times, home construction in the U.S. dropped 5% in June (from a month earlier) to 549,000 units.
“The rate of home building is still up about 15 percent from the bottom in April 2009, though it is down 76 percent from the last decade’s peak in January 2006.”
This impacts the economy in the following way:
“Each new home built creates, on average, the equivalent of three jobs for a year and generates about $90,000 in taxes paid to local and federal authorities, according to the builders’ trade group. The impact appears in multiple industries, from makers of faucets and kitchen appliances to lumber yards.”
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