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Macro Nugget: On housing and shelter inflation in the US

Immigration is putting pressures on shelter inflation.

While immigration in the US has contributed to easing labour shortage the added immigrants are putting pressure on housing, especially since multi unit housing has seen a decrease in construction throughout 2023 and 2024 (Assuming immigrants are most likely to live in large apartment complexes). Smells like continued pressure on shelter inflation as long as immigrants flock to the US.


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