The number of housing units that started construction in May fell to the lowest level since 2020, as the sector battles headwinds blown by high interest rates.

Housing construction dropped 9.8 percent from April to May, the Commerce Department reported Wednesday. If construction continued at that pace through the year, there would be 1.25 million units built in 2025, down from a pace of 1.39 million reached in April.

The number is down 4.6 percent from a year ago, when the pace was 1.4 million units.

“Housing starts plunged in May as builders........

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