The numbers for homebuilding are now on track for its biggest drop in 10 years, according to a recent report. National Mortgage News took a look at the S&P Supercomposite Homebuilding Index and the numbers were not very promising.
"The S&P Supercomposite Homebuilding Index is down 21% year-to-date, on track for the biggest annual drop since 2008, when it fell 32%," according to NMN.
"That's even with tax cuts, unemployment near the lowest since 1969 and a real estate developer in the White House."
The report revealed that some of the factors that have been contributing to this decline in growth which include: an increase in labor costs, materials and even tariffs put on imported steel.
Unfortunately, it looks like the expected break that builders were hoping for may not actually come.
"Builders are counting on millennials to drive growth and while more are purchasing, they’re also the most price sensitive, said Ali Wolf, director of economic research at Meyers Research, a housing consultancy based in Beverly Hills, Calif," according to to the report.
To learn more about the homebuilding woes for 2018, click on the image above.