It's all systems go for the single-family housing market according to data released this week that showed starts at a three-decade high in May and permits also surging, based on data from the US Commerce Department.
Housing starts rose to a seasonally adjusted annual rate of 1.631 million units last month from April's downwardly revised 1.34 million, the Commerce Department said on Tuesday. May's rate was the highest since April 2022, which was then the highest since 2006, reported Reuters.
The 291,000-unit increase in starts was the most since January 1990, and the 21.7% rise was the largest percentage gain since October 2016.
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