20 June 2023
The May 2023 New Residential Construction Report showed revisions and mixed results. Housing starts in April were revised downward by 4.4%, while building permits in May increased by 5.2% compared to April but decreased by 12.7% from last year. Housing starts in May were up 21.7% from the revised April estimate, with single-family housing starts showing an 18.5% increase. Caution is advised due to potential revisions, and future year-over-year comparisons are expected to be easier.