Though the number of homes being built are lat their lowest levels since 2015, home builders are confident about the future, according to a National Association of Home Builders report.
Total housing starts dropped 30.2 percent in April to a seasonally adjusted annual rate of 891,000 units, the U.S. Housing and Urban Development and Commerce Department recently reported.
The 891,000 figure is reportedly how many housing units builders would begin if they kept this pace over the next year. That’s the lowest since the first quarter of 2015.
“Despite today’s numbers, there is an undercurrent of long-term positivity in the housing market that will likely allow for a strong rebound,” said NAHB Chairman Dean Mon. “Our builder confidence index has already shown signs of a turnaround. Housing was showing signs of momentum before the pandemic and is poised to lead the economic recovery as virus mitigation efforts take hold and more states take gradual steps to reopen.”