Homebuilders have pumped the brakes on new single-family home construction this year, a trend that's likely to extend into 2023, according to several forecasts.
The construction of new homes slowed again in February, but not as much as the previous month. Those declines follow a surge in December which had pushed home construction to the highest level in 13 years.
U.S. homebuilders are feeling slightly less confident in their sales prospects heading into next year, even as their overall sales outlook remains favorable.
A big coalition of business groups says there must be give-and-take in the negotiations to avoid the "fiscal cliff" of massive tax increases and spending cuts. But raising tax rates — a White House priority — is out of the question, the group adds.
Another strong gain in homebuilding pushed U.S. construction spending up for a third straight month in June, a further indication that the battered housing industry is showing signs of life.