NDR: Housing on the Rebuild?

In our U.S. Daily Economic Perspectives, Veneta Dimitrova takes a quick look a the housing market. She writes that housing starts surged 21.7% in May to a 1.631 million unit annual rate, the highest level since April 2022, and above the consensus of a 1.39 million unit rate. It was the biggest monthly gain since October 2016, and the eighth largest gain on record. Previous jumps of this magnitude have been followed, on average, by at least a partial reversal in the subsequent three months, which is a risk for the near-term. Nevertheless, both the three-month and the six-month averages of starts picked up in May, indicating a near-term trend improvement in construction activity. (E0257)

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