The residential construction sector has been the star performer of the US economic recovery from the COVID-19 crisis; posting double-digit growth rates since the third quarter of 2020 and making significant contributions to the rebound of the economy and overall construction industry
The residential construction sector remains supported by low mortgage rates, strong demand for bigger living spaces, and low housing inventory in the market
Supporting the outlook for continued positive growth in residential construction, the total value of housing units authorized by building permits in the country increased by 31% YoY in the first eight months of 2021
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