Higher mortgage rates have led to a decline in 5-unit permit data, reaching levels comparable to the COVID-19 recession lows. Single-family permits are also showing signs of slowing down, raising concerns about potential job losses among construction workers.
The presence of a gap between single-family and five-unit permits is indicative of single-family permits softening currently. Construction workers may face job losses if permits continue to decrease, especially with the completion of apartment units in the pipeline.
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