There's a growing backlog of homes that have been cleared to be built, but construction hasn't started yet, new data Tuesday shows.
Why it matters: There's fervent housing demand, but builders could be delaying new construction. Blame shortages and soaring costs for materials like lumber.
- April housing starts dropped a worse-than-expected 9.5% from the prior month. But it's coming off the highest level since 2006.
- Applications for future construction exceeded the pace of housing starts, Bloomberg notes.