Plunge of Single-Family Construction Starts in July Was Huge Outlier. See Hurricane Beryl. Multifamily Jumped 45% from March Low despite CRE Depression

The headlines about residential construction starts this morning were of the-end-is-nigh type: “New-home construction plunges to lowest level since May 2020.” They were triggered by the data from the Census Bureau on construction starts of housing units in July: they dropped 6.8% from June...