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Housing Starts (Aug.)

Housing starts surprised on the upside in August, rising for the first time in six months. But we still expect them to fall further this year as stretched affordability continues to weigh on new home demand. We think that single-family starts will bottom out at around 800,000 annualised by end-2022 before a gradual recovery in sales and improvement in supply chains help them rise to around 1m by end-2024.

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