Housing Starts Surge as Builders Meet Strong Demand
Housing starts in the US were up in May, with an increase of 8.7% compared to the prior month. The 8.7% rise in housing starts was the highest since 2016, indicating an underlying consumer strength and a positive gain in the residential housing market. The rise in starts also demonstrates a strong willingness among US builders to meet consumer demand.
Gains in housing permits also outpaced expectations, with an increase of 6.7% in May, and an increase of 7.5% in the Northeast. Building permits are an indicator of future activity in the housing market, showing that builders believe current demand is likely to stay strong in the future. This is an increase of 6.7% over the previous month, and 7.5% in the Northeast.
Most important elements of the text:
• Housing Starts surprisingly rose in May: 8.7% increase compared to prior month, highest since 2016
• Permit applications increased: 6.7% increase in May, 7.5% in the Northeast
• Indicator of consumer strength: Builders responding to meet demand
• Future activity in housing market: Building permits show builders believe current demand is likely to stay strong
You can read this full article at: https://www.housingwire.com/articles/may-housing-starts-swell-as-builders-respond-to-strong-demand/(subscription required)
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