20 June 2023
US housing starts and permits in May surprised experts as they soared to record highs. Housing starts rose by 21.7% to a 1.63 million annualized rate, while permits climbed 5.2% to 1.49 million units. The data indicates a stabilizing housing market but also highlights the impact of high mortgage rates on affordability. The strong numbers are expected to boost Q2 GDP estimates.