MILWAUKEE — Ongoing supply chain issues and climbing interest rates appear to slowing down new home builds across Wisconsin.
“Last year in 2021, we saw a lot of home building going on because of the low interest rates,” said Alicia Naleid, director of communications with the Wisconsin Builders Association. “[The decline] is truly because of the skyrocketing interest rates that have gone up almost 2% since a few months ago.”
The Wisconsin Builders Association reported this week that new construction in Wisconsin has fallen 24% year-to-year based on second quarter data.
Still, many contractors and subcontractors across the state aren’t in need of more work right now.
“There is still a very high demand for building and our members are still reporting to be very busy, despite the decline in permits from this year compared to last year,” Naleid added. “We are still 52% above where we were pre-pandemic.”
You can watch the full interview above.