US construction confidence hits 2012 low

In October, American construction companies' confidence dropped to its lowest level since 2012, influenced by rising mortgage rates that reached a three-year high of 7.4%, increased costs of energy-related building materials, and the repercussions of the Middle East conflict. This led to a decline in housing demand, with incentives increasing and prices reduced by nearly 6% for buyers, while the proportion of companies offering incentives rose to 65%. Additionally, sales expectations and potential buyer activity deteriorated, reflecting a housing affordability crisis amid ongoing high borrowing costs and market tensions.

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