Norway New Home Construction Slows to Lowest Second-Quarter Level Since 1999

Norway’s housing starts reversed some of their recent gains in the second quarter ahead of the central bank’s pivot to easing, strengthening the case for more reductions in borrowing costs.

In the April-to-June quarter, construction started on 2,994 new homes, 14% fewer than in the year-earlier period, according to data released by the association of Norwegian homebuilders on Tuesday. It’s the lowest level for a second quarter on records dating back to 1999, managing director Lars Jacob Hiim said in a statement.